Potbelly Sandwich Shop, a Chicago restaurant chain founded in 1977, has filed to raise up to $75 million in a public offering.
The company is backed by Maveron, the Seattle venture capital firm led by Starbucks CEO Howard Schultz and former investment banker Dan Levitan. In fact, Maveron Equity Partners is the largest shareholder in the company, owning a 28 percent stake. American Securities Capital Partners, Oak Investment Partners and Benchmark Capital also have ownership stakes.
Levitan has sat on the company’s board since 2001.
Potbelly is led by former Sears CEO Aylwin Lewis, and you can hear him talk about Maveron’s involvement in this video. The company, which plans to trade on the Nasdaq under the ticker PBPB, has more than 280 stores in 18 states. It posted revenue of $274.9 million last year, and net income of $24 million.