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Potbelly to be acquired by convenience store company RaceTrac in $566M deal

Wed, Sep 10, 2025, 12:48 PM 2 min read

Potbelly is set to be acquired by convenience store company RaceTrac in a deal valued at $566 million, the companies announced on Wednesday, Sept. 10.

The acquisition is set to close later this year. Until then, the companies will continue to operate independently, according to the announcement news release.

Known for its array of sandwiches, Potbelly is a nationwide restaurant chain with 445 locations across the United States, including more than 100 franchised shops.

Bob Wright, Potbelly's president and CEO, stated in the news release that the deal will help accelerate the brand's growth.

“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," Wright said.

Here's what to know about the deal.

RaceTrac is a retailer that owns several convenience stores and gas stations across the United States, primarily in the South.

The company has more than 800 gas stations in 14 states under the RaceTrac and RaceWay brands, as well as about 1,200 Gulf-branded locations across the United States and Puerto Rico.

As part of the acquisition, RaceTrac will purchase all outstanding shares of Potbelly for $17.12 per share.

“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 and chairman of the board at RaceTrac, said in the release. “I’m pleased to welcome Potbelly’s more than 5,200 team members and franchise partners to the RaceTrac family. Together, we’ll serve guests in even more meaningful ways.”