Potbelly Joins RaceTrac Portfolio in $566M Acquisition

Potbelly, serving sandwiches, salads and shakes, will soon join the portfolio of RaceTrac. The convenience retailer has entered into an agreement to acquire the chain for about $566 million. The deal will close Q4/25, pending customary closing conditions and regulatory approval.

Potbelly operates more than 445 company and franchise-owned shops across the U.S. and has a long-term goal of reaching 2,000 shops. In November, it announced plans to enter Georgia with a 15-unit development agreement.

“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,” says Bob Wright, president and CEO of Potbelly, in a Sept. 10 release. “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.”

RaceTrac, based in Atlanta, operates more than 800 convenience stores across 14 states under the RaceTrac and RaceWay brands, offering fuel, freshly brewed coffee and an extensive selection of food and beverages. Its portfolio also includes about 1,200 Gulf-branded locations across the U.S. and Puerto Rico.

This acquisition closely follows another deal: Freddy’s joining global private equity firm Rhone.