RaceTrac acquires Potbelly Corp for $566MPhoto: PotbellySeptember 10, 2025Convenience store giant RaceTrac announced Tuesday it has agreed to acquire sandwich chain Potbelly Corp. for $566 million, according to a company press release. The all-cash deal values Potbelly at $17.12 per share, a 47% premium to its 90-day volume-weighted average price as of Monday. Atlanta-based RaceTrac will launch a tender offer to acquire all outstanding shares of Potbelly. Founded in Chicago over 40 years ago, Potbelly operates more than 445 company and franchise-owned shops nationwide, with a long-term goal of reaching 2,000 locations. RaceTrac operates over 800 convenience stores in 14 states under the RaceTrac and RaceWay brands, and fuels consumers through approximately 1,200 Gulf-branded locations.