Atlanta — RaceTrac, Inc., a family-owned, high-growth leader in the convenience store industry, confirms it has completed the acquisition of Potbelly Corporation, previously announced in September.
As part of the transaction, RaceTrac acquires Potbelly’s iconic neighborhood sandwich shop brand, which includes more than 445 company and franchise-owned shops across the United States, and Potbelly’s franchise development platform with a long term goal of reaching 2,000 shops.
“Potbelly has spent more than 40 years creating the neighborhood sandwich shop experience customers love, and we are excited to welcome this beloved brand to the RaceTrac family,” says Natalie Morhous, chairman and CEO of RaceTrac. “This acquisition represents a natural evolution of our growth strategy, adding fast-casual expertise to our portfolio while maintaining the unique identity that makes Potbelly special. We’re pleased to welcome more than 5,200 Potbelly team members and franchise partners to our organization.”
The acquisition strengthens RaceTrac’s position in the evolving retail landscape, combining both brands’ capabilities in real estate, franchising, operations, food innovation and marketing to drive growth and customer loyalty.
As part of the acquisition, Adam Noyes, who previously served as Potbelly’s chief operating officer, has been appointed president of Potbelly, effective immediately. Bob Wright will remain with the company as CEO through the end of the year.
Potbelly will continue to operate as usual. The acquisition adds another consumer-facing brand to RaceTrac’s growing portfolio, which includes more than 800 RaceTrac® and RaceWay® convenience stores and approximately 1,200 Gulf® branded locations.
The acquisition was completed on October 23, 2025 through a merger of Merger Sub with and into Potbelly. Following the consummation of the merger, Potbelly became a wholly owned subsidiary of RaceTrac.
BofA Securities acted as exclusive financial advisor, and Kilpatrick Townsend & Stockton LLP acted as legal advisor to RaceTrac. Piper Sandler acted as financial advisor, and Kirkland & Ellis LLP acted as legal advisor to Potbelly.
Headquartered in Atlanta, family-owned RaceTrac, Inc. is one of the largest privately held companies in the United States, serving guests since 1934. The company’s retail brands include more than 800 RaceTrac® and RaceWay® retail locations, approximately 1,200 Gulf® branded locations, and more than 445 Potbelly® neighborhood sandwich shops throughout the United States. For more information, visit www.RaceTrac.com.
Potbelly Corporation is a neighborhood sandwich concept founded more than 40 years ago. Since opening its first shop in Chicago in 1977, Potbelly has expanded to neighborhoods across the country — with more than 445 shops in the United States including more than 105 franchised shops. For more information, visit www.Potbelly.com.
SOURCE: Potbelly Corporation