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Quaker Hospitality Holdings has purchased 18 Penn Station East Coast Subs restaurants in Ohio. The group is led by Andrew Brennan, Lachlan McLean, and Keith Gavin. They now operate 14 Penn Station restaurants in the Dayton area and four more in the suburbs of Cincinnati.
"We were looking for a strong brand with community engagement and existing profitable operations, and we found that with these restaurants," said Brennan. "We're eager to support the continued growth of these restaurants and to use our investment experience, including substantive fast casual restaurant experience, as hands-on owners."
McLean added, "I appreciate the strength of the Penn Station brand and its product and service reputation. As we dug deeper, the culture of the business impressed me. The team we have inherited is tremendous, and this business fits perfectly with our investment strategy."
Brennan and McLean have extensive backgrounds in investment banking and business acquisition. Quaker Hospitality Holdings' managing owner is Keith Gavin, who has been involved with the Penn Station brand for 24 years.
The Cincinnati-based Penn Station East Coast Subs now has more than 310 locations in 14 states including Ohio, Georgia, Illinois, Indiana, Kansas, Kentucky, Michigan, Missouri, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.