TravelCenters of America LLC to acquire Quaker Steak & Lube

SHARON, PA.

Sharon-based Quaker Steak & Lube announced today that TravelCenters of America LLC has agreed to acquire Quaker Steak & Lube’s restaurant and related assets for about $25 million.

Founded in 1974, Quaker Steak & Lube has more than 50 locations in 16 states. TA, a Fortune 500 publicly-traded company, operates more than 500 full and quick serve restaurants, principally located in 253 full-service travel centers and 184 convenience stores in 43 states. Quaker Steak & Lube submitted today a bankruptcy filing that includes the asset purchase and $2 million debtor in possession financing agreements with TA. Pursuant to the purchase agreement, TA has placed a substantial deposit toward the purchase price and has agreed to offer employment following the closing to substantially all of Quaker Steak & Lube’s current employees.

The agreements are subject to bankruptcy court approval, which is expected in early 2016, and other conditions including, but not limited to an auction process supervised by the bankruptcy court.