"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 on a much larger footprint, with ambitions of growing to 2,000 stores nationwide. In recent years, Potbelly has worked to modernize its operations through updated menu items, refreshed store designs, stronger digital ordering channels and investments in operations and support systems."
"RaceTrac, a family-owned business, operates more than 800 RaceTrac and RaceWay convenience stores across 14 states, in addition to approximately 1,200 Gulf-branded sites it acquired in 2023. The company has emphasized that Potbelly will keep its distinct identity after the purchase, while benefiting from RaceTrac's experience in real estate, marketing and food innovation. Why RaceTrac is making this move For RaceTrac, the acquisition marks a strategic push deeper into food service."
RaceTrac agreed to acquire Potbelly in an all-cash transaction valued at approximately $566 million, with closing expected in the fourth quarter of 2025 pending approvals and conditions. Potbelly operates about 445 locations, was founded in Chicago in 1977, and aims to grow to 2,000 stores while modernizing menus, store designs, digital ordering, operations and support systems. RaceTrac operates over 800 RaceTrac and RaceWay stores plus roughly 1,200 Gulf-branded sites, and plans to keep Potbelly’s distinct identity while applying its real estate, marketing and food-innovation capabilities. The acquisition advances RaceTrac’s strategic push into higher-margin prepared food and beverage offerings to diversify revenue and build customer loyalty.
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