In mid-November, Quaker Steak & Lube announced that TravelCenters of America LLC has agreed to acquire Quaker Steak & Lube’s restaurant and related assets for approximately $25-million. Quaker Steak & Lube has more than 50 locations across 16 states and the publically-traded TravelCenters operates over 500 full and quick serve restaurants, principally located in 253 full-service travel centers and 184 convenience stores in 43 states and Canada. “TravelCenters of America brings in-depth experience and resources to help Quaker Steak & Lube build upon our system’s positive performance and help us fully realize our expansion goals,” said Quaker Steak & Lube’s CEO Greg Lippert. “TA has stated its desire to use the existing company and franchisee Quaker Steak & Lube locations that it acquires as a core around which to expand Quaker Steak & Lube into a nationally recognized brand.”  Quaker Steak & Lube has submitted a bankruptcy filing which includes the asset purchase and $2-million debtor in possession financing agreements with TA.  Pursuant to the purchase agreement, TA has placed a substantial deposit toward the purchase price and has agreed to offer employment following the closing to substantially all of Quaker Steak & Lube’s current employees.  The agreements are subject to bankruptcy court approval, which is expected in early 2016.  “Our future at The Lube is bright,” added Lippert.  “We foresee a positive impact from these transactions to our restaurants. In fact, under TA, we’re confident that the number of our locations will continue to grow and our franchise owners, employees and suppliers will benefit from a stronger Quaker Steak & Lube.”

Quaker Steak & Lube, 101 Chestnut St., Sharon, Pennsylvania 16146 (724/981-3123 www.quakersteakandlube.com)
TravelCenters of America LLC, 24601 Center Ridge Rd., Suite 200 Westlake, Ohio  44145 (440/808-9100 www.ta-petro.com)