M&A · Industrials · Retail-Eating Places
RaceTrac, Inc. to acquire Potbelly Corp
Announced Sep 10, 2025 · Closed Oct 23, 2025
Deal value$566MEV $550M
Premium34.0%To unaffected price
EV / Adj. EBITDA17.8x1.2x EV / Revenue
ConsiderationAll cash$17.12 per share
Transaction
- Acquirer
- RaceTrac, Inc.
- Target
- Potbelly Corp (PBPB)
- Buyer type
- Strategic
- Offer price per share
- $17.12
- Enterprise value
- $550M
- Status
- Closed Oct 23, 2025
Deal protections
- Break fee (target pays)
- $19.8M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- BofA Securities
- To the target
- Piper Sandler
- Piper Sandler fee
- $6.9M
Sector context · Industrials
- Comparable deals
- 100 in the prior 24 months
- Premium
- 34.0% vs. 41.0% sector median
- EV / Adj. EBITDA
- 17.8x vs. 9.4x sector median
- Break fee
- 3.5% vs. 2.7% sector median
Timeline
- AnnouncedSep 10, 2025
- Tender offerSep 23, 2025
- ClosedOct 23, 2025
Valuation · fairness opinions
Trading comparables$6.70$13.63
Trading comparables$7.76$13.62
Precedent transactions$5.17$17.96
Discounted cash flow$13.86$19.37
Premiums paid$13.13$30.19
Offer $17.12
Implied value per Potbelly Corp share by analysis, from Piper Sandler · DCF discount rate 12.8%–17.8%.