Quaker Steak & Lube announced it will be acquiring five restaurants in North Carolina, Indiana and Virginia.
Previously owned by 3G Management, the Quaker Steak & Lube® restaurants in Concord, N.C., Fort Wayne, Ind., and Newport News, Harrisonburg and Fredericksburg, Va. will be corporate owned and operated beginning December 12, 2013.
"We are looking to have a stronger corporate presence in these key markets; this represents an important step forward for our brand as we continue with our national expansion plans," said John Longstreet, chief executive officer of Quaker Steak & Lube®. "We are committed to operational excellence at The Lube®, and this will allow us the opportunity to impact overall brand performance in same store sales."
The compelling decor, including race cars suspended from the ceilings, motorcycles, Corvettes and gas station memorabilia, combined with its craveable food and SuperCharged events, has created a cult-like following for The Lube® for more than 39 years. The company experienced significant growth in 2012 with 8 restaurant openings, a 15 percent increase from the previous year and a 10 percent increase in system wide revenues. The company has more than 60 locations across 20 states and Canada.
"We sincerely thank 3G Management and their partners for their hard work and dedication in helping to grow Lube Nation; they have set a terrific foundation and have cultivated a loyal following of Lubies in each of these respective markets," added Longstreet. "We look forward to further investing and infusing additional marketing and capital into these fantastic locations."
Most recently, Quaker Steak & Lube® was awarded the festival favorite for the second straight year at the National Buffalo Wing Festival in Buffalo, N.Y, winning the last three out of four. In addition, it was also recognized for its Triple Atomic wing sauce, winning first place in the Traditional Extra-Hot sauce category.
About Quaker Steak & Lube
Founded in 1974 and built in an abandoned gas station in Sharon, Pa., Quaker Steak & Lube® has expanded to more than 60 locations throughout the United States and Canada. The unique décor, including gas station memorabilia, classic cars, motorcycles, race cars and corvettes suspended from the ceilings combined with the crave-able food and high-octane events has afforded The Lube® a cult-like fan following.
Logos, product and company names mentioned are the property of their respective owners.