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Potbelly is about to get a new home! Convenience store giant RaceTrac is scooping up the beloved sandwich chain in a $565 million deal that was announced on Wednesday, September 10. The deal is expected to wrap up later this year, but in the meantime, both brands will continue to operate independently.
Potbelly, best known for its toasted sandwiches and cozy vibe, has 445 locations nationwide, including more than 100 franchised shops. In the announcement, Potbelly president and CEO Bob Wright said the move will help the brand grow even faster.
"With RaceTrac’s resources, we will unlock new opportunity for this incredible brand while staying true to the neighborhood sandwich shop experience that makes Potbelly special," Wright said in a statement shared by USA Today.
Wright went on to say, "Their strategy isn't necessarily to put a Potbelly in every RaceTrac."
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Racetrac's Acquisition of Potbelly Makes Sense
Some may be questioning why a company like Racetrac would be interested in owning a string of sandwich shops, but after news that the convenience store and gas station chain would be purchasing Potbelly, NACS argued that this business deal actually makes a lot of sense, especially if we're watching food and convenience store trends abroad — specifically those in Asian countries in recent years.
They argued that this Potbelly-Racetrac deal isn't just another corporate headline. Instead, it's a sign of where the convenience game is headed. Pairing a neighborhood sandwich staple with a convenience store powerhouse taps into what's becoming the holy grail of convenience retail: legit foodservice with a local, welcoming vibe.
To be clear: the companies haven’t announced that Potbelly sandwiches will show up in RaceTrac stores (at least not yet). But the move fits perfectly with the broader trend of convenience stores leveling up their food offerings—and that has many in the industry watching closely.
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What This Means for Potbelly Investors
Potbelly just got a serious glow-up on Wall Street. The moment news dropped that Racetrac was buying the sandwich chain, shares shot up more than 31%, closing in at $17.02. That's basically right on top of the agreed buyout price of $17.12 a share.
This big move comes after a year of gains and losses for Potbelly, which closed at $7.66 per share on September 11, 2024. The company saw significant gains prior to the deal, closing at $12.93 just one day before the announcement.
Related: Craving a Sub or Hero? The 20 Best Sandwich Shops in the Country, Ranked
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