TravelCenters of America LLC has completed of its previously announced acquisition of certain assets of Quaker Steak & Lube (QSL), for approximately $25 million.
The sale amount does not include working capital adjustments, inventory and other closing costs.
“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,” said Tom O’Brien, CEO of TravelCenters. “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.”
“We are pleased to add the Quaker Steak & Lube brand to our operation,” said John Ponczoch, senior vice president of the TA Restaurant Group. “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.
TA offers diesel and gasoline fueling, restaurants, truck repair facilities, convenience stores and other services in 43 states and in Canada.