US EditionRaceTrac Convenience Stores Acquiring Potbelly Sandwich Shops
The $566 million all-cash deal will help Potbelly grow from 445 to 2,000 locations, leveraging RaceTrac's resources to expand its brand nationwide, company leaders said.
- On Wednesday, RaceTrac, a family-owned convenience store operator based in Atlanta, announced it will acquire Potbelly, a Chicago-based sandwich chain, for $566 million in an all-cash deal.
- The acquisition follows RaceTrac's 2023 Gulf Oil purchase and reflects Potbelly's strategy to accelerate franchise-led growth amid challenges like inflation and shifting dining habits.
- Potbelly operates over 445 stores across 30 states with more than 5,200 team members, while RaceTrac runs 800 convenience stores in 14 states, aiming to expand its brand portfolio and retail footprint.
- RaceTrac will pay $17.12 per Potbelly share, marking a roughly 47% premium and causing Potbelly’s stock to rise over 30%, with CEO Bob Wright stating the deal will unlock new growth opportunities.
- The deal is anticipated to finalize in the fourth quarter, allowing Potbelly to go private and aiding its ambition to expand to 2,000 locations while preserving its neighborhood sandwich shop character.
32 Articles
32 Articles
Potbelly acquired by convenience store chain RaceTrac for $566 million
Sandwich maker Potbelly is being acquired by the gas station and convenience store chain RaceTrac for $566 million. Potbelly, which was founded in Chicago in 1977, has 445 restaurants across the U.S. The company said the deal with RaceTrac will help it reach its goal of quadrupling in size to 2,000 locations. Potbelly stores are both company- and franchise-owned. “With RaceTrac’s resources, we will unlock new opportunities for this incredible br…
Potbelly to be sold for $566 million to convenience store operator RaceTrac
Chicago-based sandwich shop chain Potbelly will be bought for $566 million in an all-cash deal by convenience store retailer RaceTrac, Potbelly announced Wednesday.“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,” Bob Wright, president and CEO of Potbelly, said in a news release.Potbelly was founded in a Lin…
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