Potbelly has a goal to reach 2,000 restaurants system-wide. And it believes it has found a partner in RaceTrac to help the fast-casual sandwich chain hit that goal. C-store chain RaceTrac has inked a deal to acquire Potbelly in an all-cash deal, valued at $566 million.

The transaction is expected to close during the fourth quarter of 2025, provided it meets closing conditions and regulatory approvals.

Potbelly got its start more than 40 years ago in an antique shop in Chicago’s Lincoln Park neighborhood. It has since grown into a chain with more than 445 locations system-wide, including company and franchised units. Potbelly’s menu includes toasted sandwiches, salads and milkshakes, among other items.

“We have positioned Potbelly for accelerated franchise-led growth in recent years, and this transaction fortifies our path while delivering certain and immediate value to our shareholders,” said Bob Wright, president and CEO of Potbelly in a statement announcing the deal. “With RaceTrac’s resources, we will unlock new opportunities for this incredible brand while staying true to the neighborhood sandwich shop experience that makes Potbelly special.”

Atlanta-based RaceTrac operates more than 800 convenience stores across 14 states under the RaceTrac and RaceWay brands. The company sells fuel, freshly brewed coffee, and an extensive selection of food and beverages. The company also fuels consumers through approximately 1,200 Gulf-branded locations across the United States and Puerto Rico, per a release.