Kirkland Advises Potbelly on Sale to RaceTrac
Kirkland & Ellis advised Potbelly Corporation (NASDAQ: PBPB), the iconic neighborhood sandwich shop concept, on a definitive agreement to be acquired by RaceTrac, Inc., one of the largest privately held companies in the United States and a leading convenience retailer. RaceTrac will commence a tender offer to acquire all of the outstanding shares of Potbelly for $17.12 per share, in an all-cash transaction with an equity value of approximately $566 million. The acquisition is expected to close in the fourth quarter of 2025, subject to customary closing conditions and regulatory approvals.
Read the transaction press release
The Kirkland team included corporate lawyers Allie Wein, Kevin Akrong, Ed Lee and Bria Manlove; capital markets lawyers Bob Hayward, Ashley Sinclair, Mollie Goldfarb and Parker Davis; executive compensation lawyers Rob Fowler, Stephanie Jeane and Dominique Collins; tax lawyers Sehj Vather and Jeremy Miller; and antitrust & competition lawyer Andrea Murino.
