RaceTrac Acquires Potbelly in $566 Million Deal

On September 10, 2025, Potbelly Corporation, a Chicago-based sandwich chain, announced its acquisition by RaceTrac, a convenience store operator, in a deal valued at $566 million. The transaction, which is expected to close in the fourth quarter of 2025, will take Potbelly private, ending its 12-year run as a publicly traded company. RaceTrac will pay $17.12 per share, representing a 47% premium over Potbelly's 90-day trading average.

RaceTrac acquires Potbelly Corp for $566MCNBCICR Handles Potbelly's Deal With RaceTracKFMB - San Diego NewsChicago Tribune

Potbelly, founded in 1977, operates over 445 locations across the United States, including more than 100 franchised shops. The company aims to expand its footprint to 2,000 locations in the long term. RaceTrac, established in 1934 and headquartered in Atlanta, operates more than 800 convenience stores across 14 states and manages approximately 1,200 Gulf-branded locations. This acquisition marks RaceTrac's second significant purchase in recent years, following its acquisition of Gulf Oil in 2023.

Potbelly Joins RaceTrac Portfolio in $566M Acquisition

Bob Wright, CEO of Potbelly, emphasized that the acquisition will leverage RaceTrac's resources to accelerate growth while maintaining the brand's commitment to quality and customer experience. He stated, “With RaceTrac’s resources, we will unlock new opportunity for this incredible brand while staying true to the neighborhood sandwich shop experience that makes Potbelly special.” Natalie Morhous, RaceTrac's CEO, expressed excitement about integrating Potbelly into their portfolio, highlighting the potential to enhance customer service across both brands.

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The acquisition reflects a broader trend in the food service industry, where convenience retailers are increasingly competing with quick-service restaurants for market share. Analysts note that this merger could pose challenges in integrating a fast-casual dining chain into a convenience store model, yet it also presents opportunities for growth in food offerings amid pressures on fuel margins.

RaceTrac to acquire Potbelly in $566m deal

Potbelly has shown resilience in a challenging market, with same-store sales increasing by 3.6% in the last quarter. The company has focused on franchise-led growth, adding 54 new franchise commitments in a single quarter, the highest in its history. The acquisition is seen as a strategic move to fortify Potbelly's growth trajectory while delivering immediate value to shareholders.

CNBC

While the acquisition is largely viewed positively by both companies, some analysts express concerns regarding the integration of Potbelly's fast-casual dining model with RaceTrac's convenience store operations. The challenge lies in aligning the operational strategies of two distinct business models, which may affect customer experience and brand identity.

RaceTrac to acquire Potbelly in $566m deal

Pending regulatory approval, both Potbelly and RaceTrac will continue to operate independently until the deal's closure. The integration process will be closely monitored as both companies aim to capitalize on their combined strengths to enhance customer offerings.

Potbelly Joins RaceTrac Portfolio in $566M Acquisition

• “With RaceTrac’s resources, we will unlock new opportunity for this incredible brand while staying true to the neighborhood sandwich shop experience that makes Potbelly special.” — Bob Wright, CEO of Potbelly

Chicago Tribune

• “We are proud of Potbelly’s legacy as a beloved neighborhood sandwich shop and are excited to expand our family of convenience-driven brands,” — Natalie Morhous, CEO of RaceTrac

USA Today