TravelCenters of America to Acquire Quaker Steak & Lube for $25M

TravelCenters of America LLC

has agreed to acquire Quaker Steak & Lube® casual dining restaurants and certain related assets, including existing restaurant operations, restaurant franchise program and bottled sauces for retail sale business, for $25 million. Founded in 1974, Quaker Steak & Lube®, known for its "Best Wings USA", iconic décor and original sauces, has over 50 locations, a majority of which are franchised, in 16 states, with a concentration in Pennsylvania and Ohio. TravelCenters intends to convert some of its existing full service restaurants to the Quaker Steak & Lube® brand while simultaneously expanding the franchise program and the number of stand alone company operated restaurants over time.