Quaker Steak and Lube sale completed - WFMJ.com News weather sports for Youngstown-Warren Ohio

Quaker Steak and Lube sale completed

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WESTLAKE, Ohio -

The deal has been closed to sell the Sharon, Pennsylvania based Quaker Steak & Lube restaurant chain to a national truck stop chain based in Westlake, Ohio.

Travel Centers of America announced last week that it has completed the acquisition of Quaker Steak for approximately $25 million.

The transaction followed a chapter 11 bankruptcy filing by the parent company of Quaker Steak & Lube in November, which revealed that the wing restaurant chain had liabilities between $1 million and $10 million owed to hundreds of creditors.

One of those creditors was Wells Fargo Bank, which claimed that the chain defaulted on $4.3 million worth of commercial loans.

The restaurants purchased include those in Austintown, Boardman, Cortland, Sharon and six other locations which will be operated as Quaker Steak & Lube restaurants by the TA Restaurant Group.

The acquisition also includes 40 locations operated by franchisees or licensees operated in Ohio, Pennsylvania and 12 other states.

In a statement released by TravelCenters, CEO Tom O'Brien said, “We expect to grow Quaker Steak & Lube into a nationally recognized brand principally by franchising and licensing, but we also expect to add the brand in selected existing facilities and to be opportunistic regarding the possibility of acquiring additional locations.”

“We welcome all of our new employees, franchisees, licensees and customers. We intend to continue all of the programs that made Quaker Steak & Lube popular and to improve upon its success,” said John Ponczoch, Senior Vice President of the TA Restaurant Group.

Quaker Steak and Lube was founded in 1974 by Gary “Moe” Meszaros and George Warren, who bought a vacant automobile service station in Sharon and converted it into a restaurant and bar which grew into the present chain.

TA operates more than 500 full and quick serve restaurants, principally located in 253 full-service travel centers and 184 convenience stores in 43 states.   

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