Convenience retailer RaceTrac Inc. said on Thursday that it had completed its acquisition of Potbelly Corp. The $566 million deal includes more than 445 company- and franchisee-owned Potbelly sandwich shops across the United States.
“Potbelly has spent more than 40 years creating the neighborhood sandwich shop experience customers love, and we are excited to welcome this beloved brand to the RaceTrac family,” RaceTrac CEO and Chairman Natalie Morhous said. “This acquisition represents a natural evolution of our growth strategy, adding fast-casual expertise to our portfolio while maintaining the unique identity that makes Potbelly special. We’re pleased to welcome more than 5,200 Potbelly team members and franchise partners to our organization.”
- RaceTrac is No. 17 on CSP’s 2025 Top 202 ranking of U.S. c-store chains by store count.
The acquisition, first announced in September, strengthens RaceTrac’s position in the evolving retail landscape, the company said, and combines both brands’ capabilities in real estate, franchising, operations, food innovation and marketing to drive growth and customer loyalty. Potbelly has a long-term goal of reaching 2,000 shops.
Adam Noyes, Potbelly’s COO, has been appointed president of Potbelly. Bob Wright will remain with Potbelly as CEO through the end of the year.
“Today marks an exciting new chapter for Potbelly as we join the RaceTrac family,” Wright said. “With RaceTrac’s resources and expertise, we’re positioned to accelerate growth toward 2,000-plus shops while staying true to our mission of delighting customers with great food and good vibes.”
Potbelly, founded more than 40 years ago in Chicago, will continue to operate as usual, RaceTrac said, offering customers toasted sandwiches, salads and hand-dipped shakes. Potbelly generated $560 million in system sales last year, according to Restaurant Business and CSP sister company Technomic. Same-store sales grew 3.6% last quarter, bucking a generally weak trend for industry sales overall, Restaurant Business said.
Atlanta-based RaceTrac has more than 800 RaceTrac and RaceWay convenience stores and about 1,200 Gulf-branded locations.
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