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Quaker Steak & Lube announced it will acquire five restaurants in North Carolina, Indiana, and Virginia. Previously owned by 3G Management, the Quaker Steak & Lube restaurants in Concord, North Carolina; Fort Wayne, Indiana; and Newport News, Harrisonburg, and Fredericksburg, Virginia, will be corporate owned and operated beginning December 12.
“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,” says 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 décor, which features race cars suspended from the ceilings, motorcycles, Corvettes, and gas station memorabilia, combined with its food and SuperCharged events, has created a 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,” Longstreet says. “We look forward to further investing and infusing additional marketing and capital into these fantastic locations.”