Potbelly Sandwich to Issue Initial Public Offering
Chicago-based sandwich purveyor Potbelly Corp recently filed with the U.S. Securities and Exchange Commission to raise money through an initial public offering. Reuters reports that Potbelly is attempting to raise up to $75 million through the IPO. Bank of America, Merrill Lynch, and Goldman Sachs are all amongst the underwriters for the IPO, listed in a preliminary prospectus given to the SEC. Maveron Equity Partners is the largest single shareholder of Potbelly, owning over 28 percent, with ASP PSW LLC and Oak Investment second and third. Potbelly, which currently operates nearly 300 locations throughout the US and opened its first location in 1977, reported profits of $24 million and revenue of $274.9 million in 2012. One of the best sources for details on the the health of the potbelly franchise system, its unit growth, and its expansion plans is a review of the Potbelly Franchise Disclosure Document, which can be found here.
Family Franchise Business Brings Three Dickey's Barbecue Pit Locations to Eastern Michigan
(Macomb Township, MI) Dickey’s Barbecue Pit is expanding in Michigan with a franchise development agreement for three stores. Owner/Operators Ed and Carrie Wenzel have recently become the new owners of the Macomb Township location, and will open two new locations in Sterling Heights and Auburn Hills. The Sterling Heights location is slated to open by summer 2016, and the Auburn Hills will follow by the end of the year. As a family business, they plan to give their twins their professional start in the restaurants, eventually turning over ownership. For now, however, Ed and Carrie will co- manage the new stores.
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Native Texan Fulfills Dream of Owning a Restaurant with New Dickey’s Barbecue Pit
“I was looking to be my own boss and control my own destiny which is what owning a Dickey’s Barbecue franchise offers,” said first time owner, James Wilson. “I spent time in the restaurant industry and looking at potential franchises, there’s no major concept quite like Dickey’s fast casual barbecue.”