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ICR Inc handles Potbelly as the sandwich shop chain gets acquired by RaceTrac convenience store retailer for $566M.
Potbelly, which is headquartered in Chicago, has 445 owned and franchised outlets and expects to develop a chain of 2K units. Atlanta-based RaceTrac has more than 800 stores and operates in 1,200 Gulf branded locations.
Bob Wright, CEO of Potbelly, said the transaction delivers certain and immediate value to shareholders.“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,” he said.
RaceTrac’s $17.12 per share offer is a 47 percent premium to Potbelly’s average closing price during the past 90 days. Following completion of the deal, both Potbelly and RaceTrac will operate independently.
ICR’s Jeff Priester handles the investment community for the deal, while Marisa Breese works the media.
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