RaceTrac completed the acquisition of Potbelly Corporation on October 2025. The purchase gives RaceTrac full control of Potbelly’s 445+ sandwich shops, its franchise‑development pipeline, and its proven franchisee‑partner network, while RaceTrac pledges to preserve the Potbelly brand and its operational model. The integration is designed to capture synergies across real‑estate selection, franchising best practices, food innovation, operations and marketing, with Potbelly adding a fast‑casual, made‑to‑order foodservice platform to RaceTrac’s convenience and fuel network and reinforcing the group’s move toward more frequent, higher‑ticket food‑driven visits. Adam Noyes, formerly COO of Potbelly, was appointed President of the Potbelly brand under RaceTrac, while CEO Bob Wright remained in place through the end of 2025 to ensure continuity. The transaction was financed through RaceTrac’s balance sheet and debt facilities, with BofA Securities and Kilpatrick Townsend & Stockton advising on the buy‑side and Piper Sandler and Kirkland & Ellis on the sell‑side, marking a significant expansion of RaceTrac’s consumer‑facing portfolio and signaling continued consolidation at the intersection of convenience retail and fast‑casual dining.

POTBELLY CORPORATION, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the average currently observed in the Retail & Consumer sector (11.5x).

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