Gas Station and Convenience Store RaceTrac to Acquire Sandwich Chain Potbelly for $566M

Sandwich maker Potbelly is being acquired by the gas station and convenience store chain RaceTrac for $566 million.

Potbelly, which was founded in Chicago in 1977, has 445 restaurants across the U.S. The company said the deal with RaceTrac will help it reach its goal of quadrupling in size to 2,000 locations. Potbelly stores are both company- and franchise-owned.

“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,” Potbelly CEO Bob Wright said in a statement Wednesday.

Read more at AP News