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TravelCenters
of America Closes Quaker Steak & Lube Acquisition
|
Westlake,
OH – April 2016 / Newsmaker Alert / TravelCenters
of America LLC (NYSE: TA), announced Thursday (April 21) 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.
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.
Contact:
TravelCenters
of America
Tom
Liutkus
440-808-7364 |