Quaker Steak & Lube Bought Out By TravelCenters Of America

SHARON, Pa. (KDKA)- TravelCenters of America, full-service travel center, agreed to acquire Quaker Steak & Lube's restaurant and related assets for approximately $25 million.

The first Quaker Steak & Lube restaurant began in Sharon, Mercer County in 1974. It now has more than 50 locations across 16 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 Steak & Lube. "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."

Along with the purchase from TravelCenters of America, Quaker Steak & Lube submitted a bankruptcy filing today, which includes the asset purchase and $2 million debtor in possession financing agreements with TA.

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