News

Quaker Steak and Lube sold to TravelCenters of America

April 25, 2016

TravelCenters of America has acquired certain assets of Quaker Steak and Lube for approximately $25 million, according to a company press release.

"We expect to grow Quaker Steak & Lube into a nationally recognized brand principally by franchising and licensing, but we also expect to add the brand in selected existing facilities and to be opportunistic regarding the possibility of acquiring additional locations," said Tim O'Brien, CEO of TravelCenters of America.

The assets purchased include 10 locations, which will be operated as Quaker Steak and Lube restaurants by the TravelCenters of America restaurant group, and 40 franchise locations.

"We welcome all of our new employees, franchisees, licensees and customers," said John Ponczoch, senior VP of the TravelCenters for America restaurant group. "We intend to continue all of the programs that made Quaker Steak & Lube popular and to improve upon its success."

Quaker Steak and Lube was founded in 1974, and has 50 locations across the United States.