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CHICAGO-Potbelly Sandwich Works Inc. has raised $58 million and added seasoned retail food execs in support of expansion. Dan Fogarty, SVP of marketing, tells GlobeSt.com, the 110-unit locally based chain plans between 35 and 40 new units this year.

A new investor in the company, New York City-based American Securities Capital Partners LLC, provided $30 million. An additional $28 million has come from the chain's existing stockholders. Fogarty says expansion will take place in existing markets this year, allowing units to "percolate" in those markets before reaching to new ones. Potbelly currently operates in Illinois, Indiana, Maryland, Michigan, Minnesota, Ohio, Texas, Virginia, Wisconsin and Washington, DC. Units range between 2,300 sf and 2,800 sf, he says.

Fogarty, a nine-year veteran of Chipotle, joined Potbelly in January. During his tenure with the Colorado-based Mexican chain, it grew from three units to 500.