TRAVELCENTERS OF AMERICA CLOSES QUAKER STEAK & LUBE® ACQUISITION2016-04-21 17:29:15
WESTLAKE, OH – TravelCenters of America LLC (NYSE: TA), today announced the completion of its previously announced acquisition of certain assets of Quaker Steak & Lube® ("QSL"), for approximately $25 million, not including working capital adjustments, inventory and other closing costs.
Tom O’Brien, CEO of TravelCenters, commented: "We are pleased to welcome Quaker Steak & Lube® into the TA Restaurant Group and to bring the brand’s famous wings, iconic automotive-themed décor and original sauces to customers across the country. 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."
John Ponczoch, Senior Vice President of the TA Restaurant Group, commented: "We are pleased to add the Quaker Steak & Lube® brand to our operation. We welcome all of our new employees, franchisees, licensees and customers. We intend to continue all of the programs that made Quaker Steak & Lube® popular and to improve upon its success."
The QSL assets purchased include 10 locations which will be operated as Quaker Steak & Lube® restaurants by the TA Restaurant Group. The acquisition also includes 40 locations operated by franchisees or licensees. A list of these locations is attached as Exhibit A.
About TravelCenters of America LLC:
TA offers diesel and gasoline fueling, restaurants, truck repair facilities, convenience stores and other services in 43 states and in Canada. Since opening its first restaurant in 1967, The TA Restaurant Group includes more than 780 quick service, full service restaurants and other food outlets, including ten proprietary restaurant brands. For more information about TA and the TA Restaurant Group, please visit www.ta-petro.com.
About Quaker Steak & Lube®:
Founded in 1974 in Sharon, PA, Quaker Steak & Lube® has expanded to 50 locations in fifteen states across the U.S. The unique décor, including gas station memorabilia, classic cars, motorcycles, and race cars suspended from the ceilings combine with crave-able food and high-octane events has afforded The Lube a cult-like fan following. Quaker Steak & Lube® has won hundreds of national and international awards for its wings and more than 25 wing sauces. For more information on Quaker Steak & Lube®, please visit www.thelube.com.
Quaker Steak & Lube®
|Austintown, OH||Valley View, OH|
|Boardman, OH||Vermilion, OH|
|Cortland, OH||Sharon, PA|
|Medina, OH||Newport News, VA|
|Sheffield Village, OH||Tridelphia, WV|
|Westminster, CO||Cranberry, PA|
|Pinellas Park, FL||Erie, PA|
|Council Bluffs, IA||Johnstown, PA|
|Portage, IN||Mechanicsburg, PA|
|Florence, KY||Pittsburgh, PA (Heinz Field)|
|Gonzales, LA||Pittsburgh, PA (Pittsburgh International Airport)|
|Sulphur, LA||Pittsburgh, PA (PNC Park)|
|Brick Township, NJ||Robinson, PA|
|Edison, NJ||Slippery Rock, PA (Slippery Rock University)|
|Pohatcong, NJ||State College, PA|
|Canton, OH||York, PA|
|Cleveland, OH (Cleveland Hopkins Airport)||Columbia, SC|
|Cleveland, OH (Quicken Loans Arena)||Greenville, SC|
|Colerain, OH||Sevierville, TN|
|Columbus, OH||League City, TX|
|Kent, OH (Kent State University)||Bristol, VA|
|Mentor, OH||Janesville, WI|
|Milford, OH||Middleton, WI|
|Sandusky, OH||New Berlin, WI|
|Bloomsburg, PA||Charleston, WV|
TravelCenters of America
TravelCenters of America
TA Restaurant Group