In one of the most unusual acquisitions in c-store history, Atlanta-based RaceTrac purchased 445 Potbelly sandwich shops for $566 million in 2025. The companies cited “complementary strengths as multi-unit, multi-market consumer facing businesses” as key reasons for the deal. Among these complementary elements were “core capabilities in real estate, franchising, operations, food innovation and marketing …”
Officials said they were “proud of Potbelly’s legacy as a beloved neighborhood sandwich shop and are excited to expand our family of convenience-driven brands.”
A convenience-retail chain acquiring a fast-casual sandwich network may be the “next wave” in the world of acquisitions. Ken Shriber, managing director and CEO, Petroleum Equity Group, Chappaqua, New York, said foodservice “is the largest impetus for growth because it delivers high margins. That’s an important criterion for gross profit dollar lift in a c-store.”
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