Quaker Steak & Lube said Friday it has acquired five restaurants in North Carolina, Indiana and Virginia.
No financial terms were disclosed.
The Quaker Steak & Lube restaurants, previously owned by 3G Management, are located in Concord, N.C. Fort Wayne, Ind.; and Newport News, Harrisonburg and Fredericksburg, Va. The restaurants became corporate owned and operated effective Dec. 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,” 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.”
Based in Sharon, in 2012 The Lube had eight 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.”