Financials (September 2025)
Thoma Bravo Completes Acquisition of Olo
Sep 12, 2025, 08:33 ET
NEW YORK, Sept. 12, 2025 /PRNewswire/ -- Thoma Bravo, a leading software investment firm, today announced the completion of its acquisition of Olo Inc. ("Olo" or the "Company"), a leading open SaaS platform for restaurants, in an all-cash transaction valued at approximately $2.0 billion in equity value. The agreement to acquire Olo was approved by Olo stockholders at the Special Meeting of Stockholders held on September 9, 2025.
With the completion of the transaction, Olo stockholders are entitled to receive $10.25 per share in cash for each share of Olo common stock they owned. The Company's common stock has ceased trading and will be delisted from NYSE.
"Olo has grown from a pioneer in digital ordering into a world-class platform that helps restaurants engage guests and drive profitable growth," said Noah Glass, Olo's Founder and CEO. "We are excited to continue our ambitious journey with Thoma Bravo. Together, we will take Olo's mission further by scaling faster and innovating deeper, while continuing to deliver industry-leading reliability and exceptional experiences for restaurants and their guests."
"Olo has built a powerful platform and strong relationships with some of the world's most iconic and admired restaurants brands," said Hudson Smith, a Partner at Thoma Bravo. "We are excited to support Noah and his team's vision for the future of Olo and the restaurant technology space. We see enormous potential ahead for them to scale their business, expand their capabilities, and deepen their impact on how restaurants operate and connect with their guests."
Advisors
Goldman Sachs served as the exclusive financial advisor and Goodwin Procter LLP served as legal counsel to Olo. Kirkland & Ellis LLP served as legal counsel to Thoma Bravo.
About Olo
Olo is a leading restaurant technology provider with ordering, payment, and guest engagement solutions that help brands increase orders, streamline operations, and improve the guest experience. Each day, Olo processes millions of orders on its open SaaS platform, gathering the right data from each touchpoint into a single source—so restaurants can better understand and better serve every guest on every channel, every time. Over 750 restaurant brands trust Olo and its network of more than 400 integration partners to innovate on behalf of the restaurant community, accelerating technology's positive impact and creating a world where every restaurant guest feels like a regular. Learn more at olo.com.
About Thoma Bravo
Thoma Bravo is one of the largest software-focused investors in the world, with over US$181 billion in assets under management as of June 30, 2025. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo's deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in approximately 555 companies representing approximately US$285 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo's website at thomabravo.com.
View source version at Olo
Potbelly Corporation to be Acquired by RaceTrac in Approximately $566 Million Transaction
September 11, 2025
High-Growth Neighborhood Sandwich Shop Concept to be Acquired by Leading Convenience Retailer for $17.12 per share
Chicago, IL (RestaurantNews.com) Potbelly Corporation (NASDAQ: PBPB) (“Potbelly” or the “Company”), the iconic neighborhood sandwich shop concept, announced today that Potbelly and RaceTrac, Inc. (“RaceTrac”), one of the largest privately held companies in the United States and a leading convenience retailer, have entered into a definitive merger agreement pursuant to which 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 the satisfaction of customary closing conditions and regulatory approvals.
Strategic Fit and Future Vision
Potbelly, founded more than 40 years ago in Chicago, has earned a loyal following for its warm, toasty sandwiches, signature salads, and hand-dipped shakes. The Company has built a strong foundation for growth with more than 445 company and franchise-owned shops currently open in neighborhoods across the United States and a long-term goal of reaching 2,000 shops.
“RaceTrac’s strategic vision including their commitment to quality align perfectly with our mission to delight customers with great food and good vibes,” said Bob Wright, President and CEO of Potbelly. “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. 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.”
The acquisition represents a significant move by RaceTrac, adding another iconic brand to its portfolio. Headquartered in Atlanta, RaceTrac operates more than 800 convenience stores across 14 states under the RaceTrac® and RaceWay® brands, offering guests competitively-priced fuel, freshly-brewed coffee, and an extensive selection of food and beverages, and fuels consumers through approximately 1,200 Gulf® branded locations across the United States and Puerto Rico. The family-owned company has been serving guests since 1934 and employs more than 10,000 team members.
“Our companies, combined, have spent over 130 years delighting guests by providing them with welcoming smiles and a place to enjoy life’s everyday moments. We are proud of Potbelly’s legacy as a beloved neighborhood sandwich shop and are excited to expand our family of convenience-driven brands,” added Natalie Morhous, CEO and Chairman of the Board at RaceTrac. “I’m pleased to welcome Potbelly’s more than 5,200 team members and franchise partners to the RaceTrac family. Together, we’ll serve guests in even more meaningful ways.”
With complementary strengths as multi-unit, multi-market consumer facing businesses including core capabilities in real estate, franchising, operations, food innovation and marketing, a combined RaceTrac and Potbelly are positioned to amplify their growth.
Transaction Details
Under the terms of the merger agreement, Hero Sub Inc., a wholly-owned subsidiary of RaceTrac (“Merger Sub”), will commence a tender offer to acquire all outstanding shares of Potbelly for $17.12 per share in cash. This represents a premium of approximately 47% to Potbelly’s 90-trading-day volume-weighted average price as of September 9, 2025. Potbelly’s board of directors unanimously recommends that Potbelly’s stockholders tender their shares in the tender offer. Additionally, all of Potbelly’s directors and executive officers have entered into support agreements (subject to certain terms and conditions) and agreed to tender their shares, representing approximately 11% of Potbelly’s outstanding common stock, in the tender offer.
The closing of the tender offer will be subject to certain conditions set forth in the merger agreement, including the tender of shares representing at least a majority of the total number of Potbelly’s outstanding shares, the expiration or termination of the applicable waiting period under the HSR Act and other customary conditions. Upon the successful completion of the tender offer, RaceTrac will acquire all remaining shares not tendered in the tender offer through a second-step merger at the same price per share.
Until the transaction closes, both companies will continue to operate independently.
Advisors
BofA Securities acted as exclusive financial advisor and Kilpatrick Townsend & Stockton LLP acted as legal advisor to RaceTrac. Piper Sandler acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Potbelly.
About Potbelly
Potbelly Corporation is a neighborhood sandwich concept that has been feeding customers’ smiles with warm, toasty sandwiches, signature salads, hand-dipped shakes and other fresh menu items, customized just the way customers want them, for more than 40 years. Potbelly promises Fresh, Fast & Friendly service in an environment that reflects the local neighborhood. Since opening its first shop in Chicago in 1977, Potbelly has expanded to neighborhoods across the country – with more than 445 shops in the United States including more than 105 franchised shops in the United States. For more information, please visit Potbelly’s website at Potbelly.com.
About RaceTrac, Inc.
Headquartered in Atlanta, Georgia, family-owned RaceTrac, Inc. is one of the largest privately held companies in the United States, serving guests since 1934. The company’s retail brands include more than 800 RaceTrac® and RaceWay® retail locations in 14 states and approximately 1,200 Gulf® branded locations across the United States and Puerto Rico. RaceTrac employs more than 10,000 team members across RaceTrac, RaceWay and affiliated companies Energy Dispatch and Gulf, Inc. For more information, please visit RaceTrac’s website at RaceTrac.com.
View source version at Potbelly
Chipotle To Expand to Asia for the First Time Through a Joint Venture With SPC Group
September 11, 2025
Heesoo Hur, Executive Vice President and owner of SPC Group, and Scott Boatwright, Chief Executive Officer of Chipotle
In partnership, Chipotle and SPC Group plan to open the first Chipotle restaurants in South Korea and Singapore in 2026.
Newport Beach, CA (RestaurantNews.com) Chipotle Mexican Grill (NYSE: CMG) has signed a joint venture to open restaurants in Asia for the first time. In partnership, SPC Group, a leading South Korea-based food company, and Chipotle plan to open the first Chipotle restaurants in South Korea and Singapore in 2026.
“With a rapidly evolving dining-out business, fueled by preferences for variety and convenience, expanding into Asia presents an incredible growth opportunity for Chipotle,” said Scott Boatwright, Chief Executive Officer of Chipotle. “Real food prepared fast is in high demand in these markets and with notable brand awareness among consumers, we see potential for strong adoption out of the gate.”
“Given the familiarity of this iconic brand among Koreans and Singaporeans, and their passion for exceptional culinary experiences, these two markets are ideal entry points for Chipotle in Asia,” said Heesoo Hur, Executive Vice President and owner of SPC Group. “In addition, we have a proven track record of developing global brands and we see an opportunity for leveraging our market expertise to introduce Chipotle’s delicious, responsibly sourced food to guests across the continent who aren’t yet familiar with the concept’s real ingredients prepared fresh daily.”
Chipotle’s Cultural Relevance
Over the years, many Korean consumers including popular K-Pop artists have developed a passion for the brand after trying Chipotle’s real food for the first time while visiting the U.S. In 2021, a member of the best-selling K-pop group of all-time famously referred to the restaurant as “Chicotle” and said he wanted to “eat [it] every day.” In response, Chipotle temporarily changed its name on X to “Chicotle” in honor of its newest fan and partnered with a fan account of the band on X to give away thousands of free entrees to followers of the group in the U.S. (see here).
In 2023, Chipotle received another notable shoutout from two members of a prominent K-pop girl group who explained they “couldn’t live without Chipotle” despite not being able to access it in Korea (see here).
Chipotle’s International Expansion
Chipotle signed its first international development agreement in July 2023 with Alshaya Group to open restaurants in the Middle East. Alshaya Group currently operates three restaurants in Kuwait and three in the United Arab Emirates. In April 2025, Chipotle signed a development agreement to open restaurants in Mexico for the first time. Alsea, S.A.B. de C.V. (Alsea), a leading restaurant operator in Latin America and Europe, will open the first Chipotle location in Mexico in 2026 and begin exploring additional expansion markets in the region.
Chipotle’s existing international portfolio of owned and operated restaurants includes over 60 locations in Canada; 20 in the United Kingdom; six locations in France; and two in Germany. The company currently operates over 3,800 restaurants and plans to open between 315 and 345 new restaurants this year, with a long-term target of operating 7,000 locations in the U.S. and Canada.
Chipotle’s business development group, led by Chief Business Development Officer Nate Lawton, is exploring additional opportunities for growth via outside partnerships. Information on submitting a proposal can be found at ir.Chipotle.com/contact-us.
About Chipotle
Chipotle Mexican Grill, Inc. (NYSE: CMG) is cultivating a better world by serving responsibly sourced, classically-cooked, real food with wholesome ingredients without artificial colors, flavors or preservatives. There are over 3,800 restaurants as of June 30, 2025, in the United States, Canada, the United Kingdom, France, Germany, Kuwait, and United Arab Emirates and it is the only restaurant company of its size that owns and operates all its restaurants in North America and Europe. With over 130,000 employees passionate about providing a great guest experience, Chipotle is a longtime leader and innovator in the food industry. Chipotle is committed to making its food more accessible to everyone while continuing to be a brand with a demonstrated purpose as it leads the way in digital, technology and sustainable business practices. For more information or to place an order online, visit Chipotle.com.
About SPC Group
SPC Group is a Korea-based global food company with over 80 years of history. It owns 30 renowned brands and operates 7,000 stores worldwide, including Paris Baguette, Paris Croissant, Passion 5, Coffee@Works and StrEAT. SPC Group has successfully introduced global brands to the Korean market, including Baskin Robbins, Dunkin, Pascucci, LINA’s, Jamba and Shake Shack. SPC Group remains committed to innovation, quality and sustainable growth, shaping a healthier and happier global food culture.
View source version at Chipotle
Farmer Brothers Coffee Reports Fourth Quarter and Full Year Fiscal 2025 Financial Results
September 11, 2025 16:15 ET
Fiscal year 2025 gross margin increase of 420 basis points year-over-year to 43.5%
Reported full year net loss of $14.5 million, increase in year-over-year adjusted EBITDA1 of more than $14 million
Fiscal 2025 net sales of $342.3 million
FORT WORTH, Texas, Sept. 11, 2025 (GLOBE NEWSWIRE) -- Farmer Brothers Coffee Co. (NASDAQ: FARM), a leading roaster, wholesaler and distributor of coffee, tea and allied products, announced today its fourth quarter and full year fiscal 2025 financial results for the period ended June 30, 2025. The company filed its Form 10-K, which will be posted on the Investor Relations section of its website after the close of market on Thursday, Sept. 11.
“Fiscal 2025 was a year of significant improvement for Farmer Brothers despite significant market headwinds. We realized substantial operational and financial improvement, including gross margins above 43%, a more than $14 million year-over-year improvement in adjusted EBITDA, continued decreases in overall SG&A expenses and significantly paid down debt,” said President and Chief Executive Officer John Moore. “Although we do expect challenging market conditions to continue throughout fiscal 2026, we believe the changes we have made over recent years has created a strong foundation from which we can grow. We remain committed to driving top-line revenue growth, increasing overall coffee volumes and strengthening our customer retention efforts as we focus on delivering long-term value in fiscal 2026 and beyond.”
Fiscal 2025 business highlights
Enhanced the company’s leadership team with the addition of Vice President of Sales Brian Miller and promotion of Travis Young to vice president of field operations.
Completed the company’s brand pyramid and coffee SKU rationalization initiatives, removing redundancies, enhancing operational efficiencies, reducing costs and improving procurement and inventory management capabilities.
Launched new specialty coffee brand, Sum>One Coffee Roasters.
Upgraded technology infrastructure to enhance digital marketing efforts, customer service and behavior tracking and inventory management capabilities.
Formed a strategy committee to evaluate a broad range of potential strategic alternatives aimed at maximizing shareholder value.
Fourth quarter fiscal 2025 financial results
Net sales were $85.1 million in the fourth quarter of fiscal 2025, an increase of $745,000, or 1%, compared to the fourth quarter of fiscal 2024.
Gross profit was $38.3 million, or 44.9%, during the fourth quarter of fiscal 2025, compared to gross profit of $32.8 million, or 38.8%, in the fourth quarter of fiscal 2024.
Operating expenses were $34.3 million in the fourth quarter of fiscal 2025 compared to $36.9 million in the fourth quarter of fiscal 2024. The $2.6 million decrease was driven by a $1.4 million decrease in selling and general and administrative expenses and a $1.2 million increase in net gain from the sale of assets due primarily to branch sales in each period.
Net loss for the fourth quarter of fiscal 2025 was $4.7 million, compared to a net loss of $4.6 million for the fourth quarter of fiscal 2024. The $4.7 million net loss for the fourth quarter of fiscal 2025 included a $7.7 million loss related to pension settlement and $2.3 million of net gain from the sale of assets. The $4.6 million net loss for the fourth quarter of fiscal 2024 included a $1.1 million net gain from the sale of assets.
Adjusted EBITDA was $5.8 million for the fourth quarter of fiscal 2025, an increase of $7.4 million, compared to the fourth quarter of fiscal 2024.
View full version at Farmer Brothers
