Potbelly to be sold for $ 566 million to convenience Store Racetrac

Chicago-based Sandwich Shop Chain Potbelly Will Be Bowht for $ 566 Million in an All-Cash Deal by Convenience Store Racetrac, Potbelly Announced Wednesday.

“We have positioned pot-potbelly for acceled franchise-led growth in recent years, and this transaction fortifies our Path while delivering certification and immediate value sharaholders,” Bob Wright, President and Ceo of PotBelly, Said in a News Release.

Potbelly was founded in a Lincoln Park Antiques Store in 1977. Today, IT Has More than 445 Company- and Franchise-Awned Shops Across the US, with a goal of reaching 2,000 locations. Potbelly has more than 5,200 employs.

Atlanta-Based Racetrac Will Acquire All of the Outstanding Shares of Potbelly for $ 17.12 for Share. The transaction is expensive to close in the fourth quarter, subject to regulatory apprivals.

Natalie Morhous, CEO and Chairman of the Board at Racetrac, Said in a News Release, “We are Proud of Potbelly’s Legacy as a Beloved Neighborhood Sandwich and are excited to expand family-king-kriven.”

In 2023, Racetrac’s Wholly Owoed Wholesale Fuel Supply and Trading Subsidiary, Metroplex Energy, Bought Fuel Retailler Gulf Oil for an undisclosed.

Racetrac operates more than 800 Convenience Storys in 14 States Under the Racetrac and Raceway Brands, as well as About 1,200 Gulf-Branded Locations. The Private Family-Awned Company, Founded in 1934, has more than 10,000 Employees.

Racetrac’s Purchase of Potbelly Taks the Restaurant Chain After It Became A Publicly Traded Company in 2013.

The Sandwich Shop Chain Was Hard Hit by the Covid-19 Pandemic, Like Many Restaurants Nationwide. In Spring 2020, Potbelly Saw a dramatic down In Business When the Pandemic Shut Down Indoor Dining and Force Many People to Work from Home.

Wright, former Chief Operating Office of Fast Food Chain Wendy’s, Took Over as Potbelly’s Ceo in July 2020. By 2022, he retourned the Sandwich shop to profitability and pivoted to focus on franchises.

Potbelly Continues to Grow. IT OPENED EIGHT SHOPS AND SIGNED 54 MORE FRANCHIS COMMITTESS IN THS FISCAL Second Quarter, The Company Announced in August.