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  6. RaceTrac Acquires Potbelly

M&A Deal Summary

RaceTrac Acquires Potbelly

On September 10, 2025, RaceTrac acquired restaurant Potbelly for 566M USD

Acquisition Highlights
  • This is RaceTrac’s 1st transaction in the Restaurants sector.
  • This is RaceTrac’s largest (disclosed) transaction.
  • This is RaceTrac’s 2nd transaction in the United States.
  • This is RaceTrac’s 1st transaction in Illinois.

M&A Deal Summary
Date 2025-09-10
Target Potbelly
Sector Restaurants
Buyer(s) RaceTrac
Deal Type Add-on Acquisition
Deal Value 566M USD
Advisor(s) Piper Sandler & Co. (Financial)
Kirkland & Ellis (Legal)

Target

Potbelly

Chicago, Illinois, United States
Potbelly owns and operates restaurants featuring hot sandwiches served in a fun, energetic, and inviting atmosphere. Potbelly is aggressively pursuing expansion into other major markets across the United States. Potbelly was founded in 1977 and is based in Chicago, Illinois.

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Buyer(S) 1

Buyer

RaceTrac

Atlanta, Georgia, United States
Category Company
Founded 1934
Sector Retail
Employees10,082
DESCRIPTION

RaceTrac is an own and operates convenience stores representing the RaceTrac and RaceWay brands in 12 states in the southeast, offering guests an affordable one-stop-shop featuring a wide selection of food and beverage favorites, including freshly brewed coffee, and competitively priced fuel. RaceTrac is based in Atlanta, Georgia.

DEAL STATS #
Overall 2 of 2
Sector: Restaurants M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
State: Illinois M&A 1 of 1
Country: United States M&A 2 of 2
Year: 2025 M&A 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-05 Gulf Oil

Wellesley Hills, Massachusetts, United States

Gulf Oil LLC is a premier wholesale fuel distribution network with petroleum products and services.

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