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.
Dickeys Barbecue Pit Announces Expansion Plans Within New York State, Adding Two Stores in Buffalo, NY
(Buffalo, NY) Dickey’s Barbecue Pit is expanding to Upstate New York with a development agreement just executed to open two new stores in Buffalo. Currently the closest Texas-style barbecue is over three hours’ drive away, and the new restaurants will provide a new Fast Casual concept to the city overflowing with wings and pizza. The first new location will open by the end of 2016 with the second opening in 2017. Location sites are in the process of being selected.
Dickey’s Barbecue Pit Announces 12-Store Development Agreement in California
Dickey’s Barbecue Pit now has more than 100 stores in California and is rapidly expanding in The Golden State. The new stores will all be opened using Dickey’s new store model, complete with sustainable elements such as reclaimed wood throughout the dining room and Dickey’s proprietary blend of wood pellets to be used in the smoker.
Cruise Planners named Hot Franchise for Veterans, offers military discounts
“Cruise Planners continues to be dedicated to the men and women who serve our country,” said Michelle Fee, CEO and co-founder of Cruise Planners, an American Express Travel Representative. “We offer a Veterans Initiative Program that incorporates award-winning marketing, top-notch technology and ongoing training and business development support to help transition veterans from the military to civilian life and our work-from-home business model offers flexibility for active military and their families.”