TravelCenters of America Agrees to Sell Quaker Steak & Lube
WESTLAKE, Ohio — Five years after acquiring Quaker Steak & Lube, TravelCenters of America Inc. (TA) is divesting the standalone restaurant chain.
TA reached an agreement to sell the business, which includes 42 standalone restaurants, for approximately $5 million.
"In evaluating our overall restaurant segment, we reached the conclusion that our standalone restaurant business, which includes 42 locations primarily branded as Quaker Steak & Lube, or QSL, did not strategically fit within our long-term goals for the company," TA President and CEO Jonathan Pertchik said during the company's fourth-quarter 2020 earnings call on Feb. 26.
Calling it a strategic divestment, the chief executive said the move will allow TA to focus its efforts on its core travel center business.
The transaction is in the due diligence phase. TA expects to close the sale — which is subject to certain conditions — to close during the first quarter.
In April 2016, TA completed its acquisition of certain assets of Quaker Steak & Lube for approximately $25 million, not including working capital adjustments, inventory and other closing costs, as Convenience Store News previously reported.
Westlake-based TA's nationwide business includes travel centers located in 44 U.S. states and in Canada, standalone truck service facilities located in three states and standalone restaurants located in 12 states. TA's travel centers operate under the TravelCenters of America, TA, TA Express, Petro Stopping Centers and Petro brand names, and offer diesel fuel and gasoline, restaurants, truck repair services, travel/convenience stores and other services designed to provide attractive and efficient travel experiences to professional drivers and other motorists. TA's standalone truck service facilities operate under the TA Truck Service brand name.