RaceTrac Completes Acquisition of Potbelly

Potbelly’s acquisition by RaceTrac—first announced last month—is officially complete, effective Oct. 23.

As part of the acquisition, Adam Noyes, previously Potbelly’s chief operating officer, was appointed president of Potbelly, effective immediately. Bob Wright will remain with the company as CEO through the end of the year.

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.

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.

“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,” says RaceTrac CEO and Chairman Natalie Morhous. “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.”