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Potbelly is expected to be acquired by convenience store company Racetrac for a deal worth $566 million, the company announced Wednesday, September 10th.
The acquisition is expected to close later this year. Until then, the companies will continue to operate independently, according to a news release.
Known for its sandwich array, Potbelly is a national restaurant chain with 445 locations in the US, including over 100 franchise shops.
Potbury president and CEO Bob Wright said in a news release that the deal will help accelerate the brand’s growth.
“Racetrac resources will unlock this incredible brand new opportunities and remain true to the neighborhood sandwich shop experience that makes Potbelly special,” Wright said.
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What is racetrac?
Racetrac is a retailer that owns several convenience stores and gas stations, primarily in the Southern US.
The company has over 800 gas stations in 14 states under the Racetrac and Raceway brands, as well as approximately 1,200 Gulf brand locations across the US and Puerto Rico.
As part of the acquisition, Racetrac will purchase all outstanding shares of Potbelly for $17.12 per share.
“We are proud of Pottobury’s heritage as a beloved neighbourhood sandwich shop and are excited to expand our convenient brand of family,” said Natalie Morhous, CEO and Chairman of Racetrac’s Board of Directors in a release. “We are delighted to welcome more than 5,200 team members and franchise partners from Potbelly to the Racetrac family.
Will Potbelly open a new location after the acquisition?
Potbelly said it aims to increase the number of locations to 2,000, but it is unclear whether the chain is planning to close its current stores.
USA Today reached out to Potbelly and received no responses for details on possible openings or closures.
Melina Kahn is a national trending reporter for USA Today. She can be contacted at melina.khan@usatoday.com.
