RaceTrac Inc. has acquired the Potbelly sandwich shop brand, which includes more than 445 company- and franchise-owned shops across the US.
The deal, valued at approximately $566M, was announced in September. RaceTrac, which operates more than more than 800 RaceTrac and RaceWay convenience locations and approximately 1,200 Gulf convenience locations, says the deal “elevates its position in the evolving retail landscape”, combining both brands’ capabilities in real estate, franchising, operations, food innovation and marketing to drive growth and customer loyalty. Potbelly had previously announced a long-term goal of reaching 2,000 shops nationwide.
“Potbelly has spent more than 40 years creating the neighbourhood 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. We’re pleased to welcome more than 5,200 Potbelly team members and franchise partners to our organisation.”
As part of the acquisition, Adam Noyes, who previously served as Potbelly COO, has been appointed President of Potbelly, effective immediately. Bob Wright will remain with the company as CEO through the end of the year.
