Atlanta-based convenience store operator RaceTrac has agreed to acquire fast-casual sandwich chain Potbelly Sandwich Works in an all-cash transaction valued at approximately $566 million. The deal is expected to close in the fourth quarter of 2025, pending regulatory approvals and other closing conditions, according to Potbelly.
Ambitious growth plan
Potbelly, founded in Chicago in 1977, ranked # 336 on the 2025 Franchise 500 and currently operates about 445 locations across the United States, with a mix of company-owned and franchised units. Under the new ownership, the brand has set its sights