TravelCenters of America LLC to acquire Quaker Steak & Lube

Staff report

SHARON, PA.

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

Quaker Steak & Lube submitted a bankruptcy filing Monday that included 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 after 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.

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.

“TravelCenters of America brings in-depth experience and resources to help Quaker Steak & Lube build upon our system’s positive performance and help us fully realize our expansion goals,” said Greg Lippert, chief executive officer of Quaker. “TA has stated its desire to use the existing company and franchisee Quaker Steak & Lube locations that it acquires as a core around which to expand Quaker Steak & Lube into a nationally recognized brand.”