RaceTrac acquires Potbelly in $566 million deal
Potbelly, the Chicago-based sandwich shop chain, announced Wednesday that it will be acquired by convenience-store operator RaceTrac in a $566 million all-cash transaction. The deal, which values Potbelly shares at $17.12 apiece—a 47% premium to Tuesday’s closing price—is expected to close in the fourth quarter of this year.
Shares of Potbelly surged more than 30% following the announcement, capping a strong year for the chain. Its stock has risen over 75% in 2025, fueled by optimism around its franchise-driven growth strategy.
Potbelly currently operates more than 445 locations across the U.S., including a mix of company-owned and franchised stores. The company has ambitious plans to expand its footprint to 2,000 restaurants in the long term.
Atlanta-based RaceTrac, a family-owned company with more than 800 convenience stores across 14 states, has been steadily expanding its portfolio. The Potbelly deal marks RaceTrac’s second major acquisition, following its 2023 purchase of Gulf Oil.
“RaceTrac’s strategic vision including their commitment to quality align perfectly with our mission to delight customers with great food and good vibes,” Potbelly CEO Bob Wright said in a statement. “We have positioned Potbelly for accelerated franchise-led growth in recent years, and this transaction fortifies our path while delivering certain and immediate value to our shareholders.”
The acquisition underscores RaceTrac’s strategy of diversifying its offerings while strengthening its position in the foodservice sector.
