TravelCenters Looks to Buy Bankrupt Quaker Steak & Lube
TravelCenters of America has agreed to acquire the Quaker Steak & Lube casual-dining chain for $25 million, in a move that will see some of its existing full-service restaurants converted to the brand as well as expanding the number of stand-alone restaurants.
by Staff
November 17, 2015
Photo: Quaker Steak & Lube
2 min to read
Photo: Quaker Steak & Lube
TravelCenters of America has agreed to acquire the Quaker Steak & Lube casual-dining chain for $25 million, in a move that will see some of its existing full-service restaurants converted to the brand as well as expanding the number of stand-alone restaurants.
Ad Loading...
Founded in 1974, Quaker Steak & Lube has over 50 locations, a majority of which are franchised, in 16 states. Concentrated in Pennsylvania and Ohio, they are known for wings and their automotive-themed decor.
Ad Loading...
Quaker Steak & Lube Monday began proceedings for reorganization under Chapter 11 of the U.S. Bankruptcy Code and simultaneously filed in court the asset purchase and $2 million debtor in possession financing agreements with TA.
TravelCenters says its expertise operating full-service restaurants nationally will help it build Quaker Steak & Lube into a nationally recognized brand and increase the profitability of its existing operations.
The travel center chain, which operates both TA and Petro brand truckstops, says the move will help expand TravelCenters’ customer base to include additional traffic from four wheel motorists and local markets and grow the profits at certain existing travel center restaurants.
“Quaker Steak & Lube®’s unique brand and award winning menu is a great fit for TA’s primary customers – professional truck drivers and highway motorists,” said TA CEO Tom O’Brien. "By converting some of our existing full service restaurants to the Quaker Steak & Lube brand, we will enhance the variety of food and hospitality options that our travel centers already provide to professional drivers at the same time that we expand the public awareness of the Quaker Steak & Lube brand."
The agreements are subject to bankruptcy court approval processes, which are expected to be completed in early 2016, and other conditions.
Speaking at the TMC Annual Meeting in Nashville, ATA President Chris Spear said trucking faces mounting pressure from rising fuel prices, geopolitical instability, and uncertainty around trade policy.
More than 100,000 new trucking companies enter the industry each year, but regulators manage to audit only a fraction of them. That churn creates opportunities for inexperienced startups — and for “chameleon carriers” that shut down after safety violations and reappear under new identities. Read more from Deborah Lockridge in this commentary.
HDTX is an intimate event that connects heavy-duty trucking fleet managers with industry suppliers through small-group discussions, educational sessions, and structured one-on-one meetings.
Optimal Dynamics says its new Scale platform uses AI agents and optimization to help carriers find and secure freight that improves network balance and profitability.
NACFE's Run on Less - Messy Middle project demonstrates the power of data in helping to guide the future of alternative fuels and powertrains for heavy-duty trucks.
A federal court ruling allows New York City’s congestion pricing program to continue, leaving truck tolls in place for fleets delivering into Manhattan.
Fontaine Modification has introduced a new customer portal designed to give fleets real-time visibility into the truck modification process, addressing one of the most common questions fleet managers face: “Where’s my truck?”
Strong freight rates, rising volumes and tighter capacity push trucking conditions higher, though diesel prices could temper gains in the near term, FTR cautions.