Chicago-based sandwich chain Potbelly is set to be acquired by convenience store company RaceTrac in a deal valued at $566 million.
The acquisition is set to close later this year. Potbelly is a nationwide restaurant chain with 445 locations across the United States, including more than 100 franchised shops. “RaceTrac’s strategic vision including their commitment to quality align perfectly with our mission to delight customers with great food and good vibes,” said Bob Wright, President and CEO of Potbelly.
RaceTrac is a retailer that owns several convenience stores and gas stations across the United States. 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. The acquisition is expected to close in the fourth quarter of 2025. Potbelly was founded more than 40 years ago in Chicago, and has more than 445 company and franchise-owned shops nationwide.
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