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Sandwich shop chain Potbelly
will be acquired by convenience-store operator RaceTrac in a $566 million all-cash deal, the company announced Wednesday.
The deal is expected to close in the fourth quarter of the year. Shares of Potbelly shot up more than 30% following the announcement.
The Chicago-based Potbelly has more than 445 stores in the U.S., including franchised locations, with a goal of reaching 2,000, according to the company. RaceTrac, a family-owned company headquartered in Atlanta, operates more than 800 convenience stores across 14 states.
