This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. Convenience retailers have spent the past several years investing in new foodservice staff, equipment and menu items to elevate their on-site grub and better compete with restaurants. Besides proprietary programs, the industry has increased its partnerships and franchise opportunities with QSRs to make stores more of a food-focused destination. Until last year, the ...

Atlanta, Dec. 27, 2025 (GLOBE NEWSWIRE) -- It is with profound sadness that we announce the passing of RaceTrac’s long-time leader and Chairman Emeritus, Carl Bolch, Jr.  A beloved husband, father and leader, Bolch possessed an entrepreneurial spirit and strong work ethic, inspiring all he came in contact with throughout his life.    Bolch began his storied career with RaceTrac, a family business founded by his father, in 1967.  He revolutionized the convenience store industry, introducing self-service gas ...

This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. Dive Brief: RaceTrac has expanded its partnership with supplier Core-Mark, a division of Performance Food Group, according to an emailed press release. Core-Mark already supports RaceTrac’s franchised arm, RaceWay, according to the announcement. This expands the partnership across its company-owned RaceTrac c-stores as well. This news comes several months afte ...

This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. Dive Brief: TravelCenters of America has partnered with digital payments network Relay to add the latter’s cardless payment method to all TA, TA Express and Petro Stopping Centers locations, according to a Tuesday press release. Professional drivers can use Relay to pay for fuel, diesel exhaust fluid and items inside the store, according to the announcement. T ...

Core Insights - RaceTrac has completed the acquisition of Potbelly, a fast-casual sandwich chain, which was initially announced in September [1] - Adam Noyes has been appointed as the new president of Potbelly, while Bob Wright will continue as CEO until the end of the year [2] - Under Bob Wright's leadership, Potbelly's share price increased from less than $3 to over $10, driven by a five-pillar strategy [2] Company Leadership Changes - Adam Noyes, previously Potbelly's COO, takes on the role of president immediately following the acquisition [2] - Bob Wright has been CEO since July 2020 and has focused on enhancing traffic, profitability, customer experience, digital awareness, and franchise development [2] Acquisition Details - RaceTrac acquires over 445 Potbelly shops, both company-owned and franchise-owned, with plans for continued franchised growth [3] - The acquisition aims to leverage RaceTrac's resources to accelerate Potbelly's growth towards a target of over 2,000 locations [3] Strategic Vision - RaceTrac views the acquisition as a natural evolution of its growth strategy, adding fast-casual expertise while preserving Potbelly's unique identity [4] - The integration will welcome over 5,200 Potbelly team members and franchise partners into the RaceTrac organization [4]

Core Insights - Potbelly's Chief Operating Officer Adam Noyes has been promoted to president, effective immediately, while CEO Bob Wright will remain until the end of the year [1] - The leadership changes follow RaceTrac's acquisition of Potbelly for approximately $566 million, positioning the brand for accelerated growth towards over 2,000 locations [2] - The restaurant sector has experienced significant M&A activity this year, with various acquisitions including Roark's $1 billion investment in Dave's Hot Chicken and Yadav Enterprises's $115 million acquisition of Del Taco [3] Company Summary - Adam Noyes has been with Potbelly for over five years, suggesting continuity in leadership despite Bob Wright's upcoming departure [2] - RaceTrac's resources are expected to enhance Potbelly's growth strategy while maintaining its commitment to customer satisfaction [2] - Potbelly will continue its operations as usual following the acquisition [3] Industry Summary - The restaurant sector has seen a notable increase in mergers and acquisitions, indicating a dynamic market environment [3] - Recent deals include significant investments in various brands, highlighting a trend of consolidation within the industry [3]

Core Insights - 7-Eleven has appointed Dan Gordon as senior vice president of fuel supply and trading, responsible for overseeing supply chain operations, including strategic sourcing and risk management [1][2] - Gordon has extensive experience in the c-store industry, previously working at Castleton Commodities International and Delek US Holdings, among others [3][4] - This leadership change is part of 7-Eleven's broader strategy as it prepares for a 2026 IPO and expansion plans in the U.S. [6] Company Leadership - Dan Gordon will lead end-to-end supply chain operations at 7-Eleven, focusing on fuel procurement and commodity trading [2] - He replaces Jay Davis, who is retiring after a long tenure at 7-Eleven, including roles in fuels supply and trading [4][5] - The transition follows the recent hiring of Joshua Dolan as senior vice president of demand chain, indicating a strategic shift in leadership [6] Industry Context - The appointment of Gordon aligns with 7-Eleven's goals for future growth and operational efficiency in the competitive c-store market [6] - Gordon's background in oil liquids origination and midstream oil operations positions him well to enhance 7-Eleven's fuel supply strategy [3][4]

Core Insights - Fast-food restaurants are losing breakfast customers to convenience stores, with morning meal traffic to fast-food chains rising only 1% while visits to food-forward convenience stores increased by 9% in the three months ending in July [1][2] Industry Trends - Convenience stores have been gaining market share in the foodservice sector, particularly in the breakfast category, driven by "food-forward convenience stores" [2][4] - The overall foodservice sales for convenience stores reached $121 billion in 2024, indicating a significant growth in this segment [13] Competitive Landscape - Fast-food chains like McDonald's have seen a decline in breakfast traffic, with visits falling from 33.5% of total traffic in the first half of 2019 to 29.9% in the first half of 2025 [7] - Convenience store chains such as Wawa and Casey's General Store are expanding their foodservice options and have seen customer growth, with Wawa's customer base increasing by 11.5% since 2022 [15] Consumer Behavior - A survey indicated that 72% of consumers now view convenience stores as a viable alternative to fast-food chains, up from 56% a year ago [14] - 48% of respondents reported that when they choose breakfast from a convenience store, they are replacing a visit to a fast-food restaurant [16] Product Offerings - Convenience stores are diversifying their offerings beyond traditional items, providing a wider range of options such as breakfast sandwiches, energy drinks, and healthy snacks, which appeals to consumers [18] - Casey's breakfast pizza has gained popularity, contributing to the chain's same-store sales growth of 5.6% for prepared food and beverages for the three months ending July 31 [20]

Core Viewpoint - RaceTrac, a US convenience store operator, has agreed to acquire Potbelly, a sandwich chain, for $566 million, offering a premium of 47% over Potbelly's recent stock price [1][2]. Group 1: Acquisition Details - RaceTrac will make a tender offer to purchase all outstanding shares of Potbelly at $17.12 each [1]. - The deal is expected to be completed in the fourth quarter of 2025, with RaceTrac planning to buy any remaining shares not tendered through a second-step merger at the same price [3]. - Potbelly's board has unanimously recommended that shareholders tender their shares, with company directors and executives holding about 11% of the total outstanding stock agreeing to do so [2]. Group 2: Company Background - Potbelly, founded in 1977 and based in Chicago, operates over 445 locations across the US and aims to expand to 2,000 shops in the future [4]. - RaceTrac, headquartered in Atlanta, operates more than 800 convenience stores in 14 states and manages 1,200 Gulf-branded fueling outlets [4]. Group 3: Strategic Intent - Potbelly's president and CEO emphasized that the acquisition will enhance franchise-led growth and provide immediate value to shareholders [2]. - RaceTrac's CEO expressed excitement about combining the two companies to expand their family of convenience-driven brands while maintaining Potbelly's unique neighborhood sandwich shop experience [5][6].

Group 1 - Potbelly (NASDAQ: PBPB) is being acquired by RaceTrac for $17.12 per share in cash, marking a significant move for RaceTrac into the food service industry [2] - RaceTrac is recognized as one of the largest privately held companies in the US, primarily known for its gas stations and convenience stores [2] - The acquisition reflects a strategic expansion for RaceTrac, diversifying its business beyond fuel and convenience retail [2] Group 2 - The article highlights the analytical background of Aaron Chow, who has over 15 years of experience and is a top-rated analyst on TipRanks [2] - Aaron Chow previously co-founded a mobile gaming company that was acquired by PENN Entertainment, showcasing his experience in both gaming and investment analysis [2] - The focus of the investing group Distressed Value Investing includes value opportunities and distressed plays, particularly in the energy sector [2]