RaceTrac finalizes acquisition of Potbelly
Convenience store leader expands into fast-casual dining with over 445 sandwich shops across the U.S.
RaceTrac has completed its acquisition of Potbelly Corporation, the popular neighborhood sandwich shop brand. The deal, originally announced in September, brings Potbelly’s more than 445 company-owned and franchised restaurants under the RaceTrac umbrella.
As part of the transaction, RaceTrac also gains access to Potbelly’s established franchise development platform, which aims to expand the brand’s footprint to 2,000 shops nationwide.
“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 Natalie Morhous, RaceTrac CEO and Chairman. “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.”
Following the acquisition, Adam Noyes, former Chief Operating Officer of Potbelly, has been named President of Potbelly, effective immediately. Current CEO Bob Wright will remain with the company through the end of the year to ensure a smooth transition.
Potbelly will continue to operate under its own brand, maintaining its signature menu of toasted sandwiches, salads, and hand-dipped shakes. The acquisition expands RaceTrac’s consumer brand portfolio, which already includes over 800 RaceTrac and RaceWay stores and approximately 1,200 Gulf branded locations.
