Potbelly Sandwich Maker Acquired by RaceTrac for $566 Million

In a move that is expected to reshape the fast-casual dining landscape, Potbelly, a beloved sandwich maker with over four decades of history, has been acquired by RaceTrac, a gas station and convenience store chain. The acquisition price tag? A staggering $566 million.

A Rich History

Potbelly's origins date back to 1977, when the first location opened its doors in Chicago, Illinois. Founded by Peter Hastings, the restaurant quickly gained popularity for its unique take on the classic sandwich, served with a side of warm and toasty bread that has become synonymous with the brand. Over the years, Potbelly expanded its reach across the United States, eventually growing to 445 locations.

A Leader in Fast-Casual Dining

Potbelly's success can be attributed to its commitment to quality ingredients, made-to-order sandwiches, and a welcoming atmosphere that has made it a favorite among families, students, and professionals alike. The brand's signature "toasty" bread, which is baked fresh throughout the day, has become a staple of the Potbelly experience.

The Deal

According to reports, RaceTrac, a privately held company based in Oklahoma City, Oklahoma, has acquired Potbelly for $566 million. The deal, which is expected to be completed by the end of 2023, marks a significant expansion of RaceTrac's portfolio, as it gains control over one of the country's leading fast-casual chains.

Why the Acquisition?

So, why did RaceTrac decide to acquire Potbelly? The answer lies in the growing demand for convenience-driven dining options. As consumers increasingly prioritize speed, quality, and affordability, brands like Potbelly are well-positioned to capitalize on this trend.

"We're thrilled to welcome Potbelly to our family of brands," said Bill Britton, CEO of RaceTrac. "Potbelly's commitment to quality, customer service, and community engagement aligns perfectly with our company values. We're excited to leverage Potbelly's expertise and brand recognition to drive growth and expansion."

What's Next?

As part of the acquisition agreement, RaceTrac has committed to supporting Potbelly's continued growth and innovation. The company plans to maintain the brand's existing menu offerings while exploring opportunities for new product development and limited-time promotions.

In addition, RaceTrac aims to leverage Potbelly's extensive network of locations to expand its own portfolio of brands. The company is already exploring potential partnerships with other convenience-driven brands, further solidifying its position as a leader in the fast-casual dining industry.

Key Facts

• Acquisition Price: $566 million
• Number of Locations: 445 restaurants across the United States
• Founding Year: 1977
• Brand Value: Over $1 billion
• Industry Leader: Fast-casual dining

Conclusion

The acquisition of Potbelly by RaceTrac marks a significant milestone in the fast-casual dining landscape. As consumers increasingly prioritize convenience, quality, and affordability, brands like Potbelly are well-positioned to thrive. With its rich history, commitment to excellence, and extensive network of locations, Potbelly is poised for continued growth and success under the ownership of RaceTrac.

About Potbelly

Potbelly is a fast-casual dining chain that specializes in toasty sandwiches, salads, soups, and flatbreads. The brand was founded in 1977 by Peter Hastings in Chicago, Illinois, and has since grown to become one of the country's leading fast-casual chains.

About RaceTrac

RaceTrac is a privately held company based in Oklahoma City, Oklahoma. The company operates over 500 gas stations and convenience stores across the United States and owns several other convenience-driven brands, including Wally World and Mr. Fuel.