ATLANTA — RaceTrac, the family-owned convenience retail leader, has finalized its acquisition of Potbelly Corporation, bringing the neighborhood sandwich chain and its more than 445 company and franchise-owned stores under the RaceTrac umbrella.
With the deal finalized, RaceTrac acquires Potbelly’s franchise platform and brand value, supporting its long-term goal of opening 2,000 shops nationwide. The acquisition was first announced in September.
“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,” said 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.”
Potbelly will keep operating under its current brand and menu, while taking advantage of RaceTrac’s scale in real estate, operations, food innovation, and marketing. This move adds another consumer-facing brand to RaceTrac’s portfolio, which now includes over 800 RaceTrac and RaceWay convenience stores and approximately 1,200 Gulf-branded fueling locations.
Adam Noyes, formerly Potbelly’s chief operating officer, has been named president of Potbelly. CEO Bob Wright will stay on through the end of 2025 to support the transition. “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,” Wright said.
RaceTrac’s tender offer of $17.12 per share for Potbelly’s outstanding stock closed on October 22, with about 90.7 percent of shares tendered. After the merger was finalized, Potbelly became a wholly owned subsidiary of RaceTrac, and its common stock stopped trading on Nasdaq.
BofA Securities acted as financial advisor, and Kilpatrick Townsend & Stockton LLP as legal counsel to RaceTrac. Piper Sandler and Kirkland & Ellis LLP advised Potbelly.
