Quaker Steak & Lube®

FRED DREIBHOLZ TO JOIN QUAKER STEAK & LUBE® AS CHIEF FINANCIAL OFFICER

2012-09-01 19:57:46

Award-Winning Franchise Adds Industry Veteran to Management Team

SHARON, PA – The Award-Winning casual-dining franchise Quaker Steak & Lube®, known for its Best Wings USA and more than 20 sauces, announced today it has appointed Fred Dreibholz as Chief Financial Officer effective November 1st. Dreibholz is a 20-year industry veteran, most recently working with Champps Entertainment and FLIK International.

Dreibholz has extensive experience transforming small companies into large enterprises, achieving triple-digit revenue growth and dramatic expansion in the U.S. and global markets while maintaining a strong focus on cost control and profit enhancement. He has focused his expertise in the retail, restaurant and hospitality segments.

"Fred has a wealth of experience with a long, proven track record of success, and we’re excited to have him on board," said John Longstreet, president and chief executive officer, Quaker Steak & Lube®. "Adding a talent like Fred to our team is one more part of our strategic plan and dedication to continue to expand Lube Nation and grow the brand in markets across the country."

Over the past few years, Dreibholz has worked with several of the top private equity firms in the country including Sun Capital, Lincolnshire Management, Castanea Partners and Enhanced Equity Partners. Dreibholz is a Certified Public Accountant and earned an MBA in finance and accounting from Marquette University, and received an undergraduate degree from Cornell University.

"It’s an honor to join Quaker Steak & Lube as their Chief Financial Officer, and I look forward to working with the company leadership and franchisee community to help drive the brands’ growth forward," said Fred Dreibholz.

Quaker Steak & Lube has quickly become one of the fastest-growing restaurant chains in the country. The company is on track to open 13 restaurants this year and has signed development agreements in six new markets with five new franchise groups. Quaker Steak & Lube currently has over 50 locations open across 15 states and Canada.

The compelling décor, including race cars suspended from the ceilings, motorcycles, Corvettes and gas station memorabilia, combined with its craveable food and SuperCharged events, has created a cult-like following for The Lube, as fans call it, for more than 38 years.

Collectively, the company serves more than 80 million wings annually along with burgers, ribs, steaks, salads, sandwiches, kid’s meals, signature beverages and many more flavorful menu items. The Lube is also known for creative food promotions and recently won the coveted MenuMasters award for their limited time offer, Shake, Wrap & Roll. Hand-crafted and hand-shaken beverages are also featured on the Blowout Beverages menu including the industry 2012 Cheers Beverage Award-Winning Bar Jars.

About Quaker Steak & Lube®:

Founded in 1974 and built in an abandoned gas station in Sharon, PA, the original Steak & Lube® began as a cook-your-own steak restaurant, before expanding to over 50 locations throughout the United States and Canada. The unique décor, including race cars suspended from the ceilings, motorcycles, Corvettes and gas station memorabilia, combined with the crave-able food and high-octane events has afforded The Lube® a cult-like fan following. Today, Steak & Lube® has become one of the fastest-growing restaurant chains in the country, and has won more than 100 national and international awards for its wings and 20 different wing sauces. Most recently it was named Festival Favorite at the National Buffalo Wing Festival in Buffalo, New York. For more information visit www.thelube.com.

Media Contact: pr@thelube.com




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