Core Insights - RaceTrac, Inc. has completed the acquisition of Potbelly Corporation, enhancing its position in the convenience store industry and expanding its portfolio of consumer-facing brands [1][3][5] Acquisition Details - The acquisition includes Potbelly's brand, which consists of over 445 company and franchise-owned sandwich shops across the U.S., with a long-term goal of reaching 2,000 shops [2][5] - RaceTrac's tender offer for Potbelly's common stock was priced at $17.12 per share, with approximately 90.7% of the shares validly tendered [6][7] - The merger was completed on October 23, 2025, without a stockholder vote, and Potbelly became a wholly owned subsidiary of RaceTrac [7][8] Leadership Changes - Adam Noyes, former Chief Operating Officer of Potbelly, has been appointed as President of Potbelly, while Bob Wright will remain as CEO until the end of the year [4] Strategic Implications - The acquisition is seen as a natural evolution of RaceTrac's growth strategy, combining expertise in real estate, franchising, operations, food innovation, and marketing to drive growth and customer loyalty [3][5] - Potbelly will continue to operate under its brand identity, maintaining its focus on customer experience with its signature menu offerings [5] Company Background - RaceTrac is a family-owned company headquartered in Atlanta, Georgia, with over 800 RaceTrac® and RaceWay® locations, approximately 1,200 Gulf® branded locations, and now more than 445 Potbelly® shops [10][11] - Potbelly has been in operation for over 40 years, known for its warm sandwiches and friendly service, with a presence in neighborhoods across the U.S. [12]