A popular fast-casual sandwich shop will be bought by a gas station chain in a $566 million deal, The Associated Press reports.
Potbelly, which was founded in Chicago in 1977, will be acquired by Atlanta-based RaceTrac by the end of the year, the report said. The sale is expected to help Potbelly reach its goal of quadrupling its size to 2,000 stores; it currently has 445 stores across the United States.
RaceTrac, a family-owned company founded in 1934, has 800 locations in 14 states, the report said.
“With RaceTrac’s resources, we will unlock new opportunity for this incredible brand while staying true to the neighborhood sandwich shop experience that makes Potbelly special,” Potbelly CEO Bob Wright said in a statement Wednesday.
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