TravelCenters of America Completes Sale of Standalone Restaurant Business
The 42 locations are primarily branded as Quaker Steak & Lube.
WESTLAKE, Ohio — TravelCenters of America Inc. (TA) is out of the standalone restaurant business.
The travel center operator completed the sale of 42 locations primarily branded as Quaker Steak & Lube for aggregate proceeds of $5 million.
"This strategic divestment is a significant step in support of TA's strategy to be a more focused leader in the travel center industry," said Jon Pertchik, CEO of TA. "The sale of the standalone restaurant business, which did not strategically fit within our long-term goals for the company, will allow us to further concentrate our efforts on our core travel centers business and thoughtfully execute our transformation and growth initiatives."
TA acquired Quaker Steak & Lube for approximately $25 million in 2016. The company announced the strategic divestment in February, as Convenience Store News previously reported.
Westlake-based TA's network is comprised of more than 270 locations in 44 states and Canada, principally under the TA, Petro Stopping Centers and TA Express brands. It also operates more than 600 full-service and quick-service restaurants and nine proprietary brands, including Iron Skillet and Country Pride.