Potbelly acquired by RaceTrac for $566 million
On October 3, 2015, Louisville is the Potbelly Sandwich store in Kentucky.
Raymond Boyd
Sandwich shop chain Potbelly will be Potbelly announced on Wednesday that it was purchased by the market operator Racetrac in a 566 million dollar All-Cash agreement.
The agreement is expected to close in the fourth quarter of the year. Following the announcement, Potbelly shares increased more than 30%.
Chicago -based Potbelly has more than 445 stores, including franchisees in the USA. According to the company to reach 2,000. Racetrac, a family business in Atlanta, runs more than 800 markets in 14 states.
“Racetrac’s strategic vision, including quality commitment, makes customers perfectly compatible with our mission, including great food and good feelings,” Potbelly CEO Bob Wright said. He said. “We have positioned Potbelly for the growth led by franchise in recent years, and this process strengthens our way as we value our shareholders certain and immediately.”
The agreement will be worth $ 17,12 to Potbelly shares, and as of Tuesday, Potbelly will roughly point to 47% premium. The company’s shares increased by more than 75% this year.
The agreement on Wednesday is Racetrac’s second important acquisition. 2023 agreement To get gulf oil.
