TravelCenters of America (TA) has agreed to acquire Quaker Steak & Lube for $25 million.
Quaker Steak & Lube is a casual dining restaurant with a restaurant franchise program and a line of bottled sauces. It has over 50 locations in 16 states.
TA’s chief executive officer Tom O’Brien said in a news release Monday, Nov. 6 that the company plans to increase its variety of food and hospitality options while increasing awareness of Quaker Steak & Lube brand. TA also plans to expand Quaker Steak & Lube’s existing franchise program and its business of operating company owned restaurants separate from TA’s travel centers.
TA expects to offer jobs to most of Quaker Steak & Lube’s employees.
The announcement came as Quaker Steak & Lube began proceedings for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The sale is subject to approval by the bankruptcy court.
