Quaker Steak & Lube, known for its Best Wings USA and more than 25 sauces, announced the acquisition of 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, are corporate owned and operated.
"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."
Quaker Steak & Lube experienced significant growth in 2012 with 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.
Quaker Steak & Lubewas recently awarded the festival favorite for the second straight year at the National Buffalo Wing Festival in Buffalo, New York, winning the last three out of four. Its Triple Atomic wing sauce was also recgonized, winning first place in the Traditional Extra-Hot sauce category.