– Casual Dining Franchisor Acquires Five Restaurants in North Carolina, Indiana and Virginia –
The Award-Winning casual-dining franchise Quaker Steak & Lube® known for its Best Wings USA and more than 25 sauces, recently 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, NC, Fort Wayne, IN, and Newport News, Harrisonburg and Fredericksburg, VA will be 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,” John Longstreet, Chief Executive Officer of Quaker Steak & Lube® says. “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 Lube® has 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.
“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 adds. “We look forward to further investing and infusing additional marketing and capital into these fantastic locations.”
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