M&A Deal Summary

TravelCenters of America Acquires Quaker Steak & Lube - Certain Assets

On April 21, 2016, TravelCenters of America acquired restaurant Quaker Steak & Lube - Certain Assets from Quaker Steak & Lube for 25M USD

Acquisition Highlights
  • This is TravelCenters of America’s 1st transaction in the Restaurants sector.
  • This is TravelCenters of America’s 2nd largest (disclosed) transaction.
  • This is TravelCenters of America’s 4th transaction in the United States.
  • This is TravelCenters of America’s 1st transaction in Pennsylvania.

M&A Deal Summary

Date 2016-04-21
Target Quaker Steak & Lube - Certain Assets
Sector Restaurants
Buyer(s) TravelCenters of America
Sellers(s) Quaker Steak & Lube
Deal Type Divestiture
Deal Value 25M USD

Target

Quaker Steak & Lube - Certain Assets

Sharon, Pennsylvania, United States
The QSL assets purchased include 10 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.

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Buyer(S) 1

Buyer

TravelCenters of America

Westlake, Ohio, United States

Category Company
Founded 1972
Sector Business Services
Revenue 7.3B USD (2021)
DESCRIPTION

TravelCenters of America is a full-service travel center network operating TA, Petro Stopping Centers, and TA Express brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, full-service and quick-service restaurants, travel stores, car and truck parking and other services dedicated to providing great experiences for its guests. TA is committed to sustainability, with its specialized business unit, eTA, focused on sustainable energy options for professional drivers and motorists. It operates over 600 full-service and quick-service restaurants and nine proprietary brands, including Iron Skillet and Country Pride. TravelCenters of America was founded in 1972 and is based in Westlake, Ohio.


DEAL STATS #
Overall 4 of 6
Sector (Restaurants) 1 of 1
Type (Divestiture) 2 of 2
State (Pennsylvania) 1 of 1
Country (United States) 4 of 6
Year (2016) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-01 Gas-Mart USA - 19 Gasoline/Convenience Stores

United States

The 19 Gasoline/Convenience Stores locations in Kansas (3) and Missouri (16).

Buy $27M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-26 Midwest Travel Center

Cuba, Missouri, United States

Midwest Travel Center offers Tire/Lube Express for clients from automobile industry. Midwest Travel Center is based in Cuba, Missouri.

Buy -

Seller(S) 1

SELLER

Quaker Steak & Lube

Sharon, Pennsylvania, United States

Category Company
Founded 1974
Sector Restaurants
DESCRIPTION

Quaker Steak & Lube, a “Cook Your Own Steak” restaurant serves over 80 million wings annually, has bottled sauces for retail sale, has won the title of “Best Wings USA,” and has hundreds of local, national, and international awards for their sauce recipes. Over 60 locations throughout the United States and Canada, “The Lube®” is still rescuing muscle cars, vintage cars, trucks and a vast selection of custom and antique motorcycles, giving them good homes hanging from the walls and ceilings in each restaurant.


DEAL STATS #
Overall 1 of 1
Sector (Restaurants) 1 of 1
Type (Divestiture) 1 of 1
State (Pennsylvania) 1 of 1
Country (United States) 1 of 1
Year (2016) 1 of 1
Size (of disclosed) 1 of 1