Potbelly acquired by convenience-store operator RaceTrac for $566 million

Core Viewpoint - Potbelly, a sandwich shop chain, will be acquired by RaceTrac, a convenience-store operator, in a $566 million all-cash deal, expected to close in Q4 of the year [1][2]. Company Overview - Potbelly operates over 445 stores in the U.S., including franchised locations, with a goal of expanding to 2,000 stores [2]. - RaceTrac, headquartered in Atlanta, runs more than 800 convenience stores across 14 states [2]. Financial Details - The acquisition values Potbelly shares at $17.12 each, representing a roughly 47% premium compared to Potbelly's stock price as of Tuesday [3]. - Potbelly's stock has increased by more than 75% this year [3]. Strategic Alignment - RaceTrac's strategic vision and commitment to quality align with Potbelly's mission to provide great food and customer satisfaction, according to Potbelly's CEO [3]. - The acquisition is seen as a way to enhance Potbelly's franchise-led growth and deliver immediate value to shareholders [3]. Previous Acquisitions - This acquisition marks RaceTrac's second significant deal, following its acquisition of Gulf Oil in 2023 [4].