RaceTrac acquires Potbelly sandwich shops for $566 million
- The RaceTrac convenience store company announced it has purchased Potbelly for $566 million.
- The acquisition involves a tender offer for Potbelly shares at $17.12 each.
- The deal is expected to close later this year, enhancing RaceTrac's offerings.
On September 10, 2025, the RaceTrac convenience store chain in the United States announced its acquisition of the Potbelly sandwich shop company. This deal was confirmed through a definitive merger agreement, which entails RaceTrac commencing a tender offer for all outstanding shares of Potbelly at a price of $17.12 per share, resulting in an approximate equity value of $566 million. The deal is set to close later in the year, subject to regulatory approvals and customary closing conditions, reflecting an important shift in the competitive landscape of the food and convenience retail sector. The Potbelly Corporation operates over 445 locations across the United States, encompassing both company-owned and franchised outlets. Potbelly's President and CEO, Bob Wright, highlighted that this strategic acquisition aligns with RaceTrac's commitment to quality and enhances Potbelly's path toward accelerated growth, especially through franchising. He expressed optimism that RaceTrac’s resources would unlock new opportunities for Potbelly while maintaining its unique neighborhood sandwich shop experience. RaceTrac's CEO and Chairperson, Natalie Morhous, commented on the merger by underscoring the shared values between the two companies in providing excellent customer service. She welcomed Potbelly's team members into the RaceTrac family and emphasized the potential for serving guests in more meaningful ways going forward. This acquisition not only marks a significant moment for RaceTrac but also foreshadows a new chapter for Potbelly as it joins a broader array of convenience-driven brands. As companies consolidate in the retail and food sectors, this acquisition illustrates the trend of convenience stores expanding their offerings to include prepared food options, which can attract a diverse customer base. With the anticipated merger, customers will soon see an expanded RaceTrac and Potbelly collaboration, which aims to enhance the overall customer experience through quality food and service.