Quaker Hospitality Holdings Acquires 18 Penn Station East Coast Subs Restaurants
Management group buys restaurants in Dayton, Cincinnati
October 02, 2019 // Franchising.com // DAYTON, OHIO - Quaker Hospitality Holdings has purchased 18 Penn Station East Coast Subs restaurants in Dayton and Cincinnati. Partners Andrew Brennan, Lachlan McLean and Keith Gavin now own 14 Penn Station restaurants in the Dayton area and four in the Cincinnati suburbs.
“We were looking for a strong brand with community engagement and existing profitable operations, and we found that with these restaurants,” Brennan said. “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.”
“As a native Cincinnatian, I appreciate the strength of the Penn Station brand and its product and service reputation,” McLean said. “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 recently moved back to Cincinnati after more than a decade in New York, where he worked as an investment banker and invested in both public and private equity markets. He was most recently on the investment team of Leucadia National Corporation, a multi-billion dollar platform focused primarily on long-term, control private equity investments across all industries.
McLean is a fifth-generation Cincinnatian with two decades of investment experience. Most recently, he led private investments for a large Los Angeles-based family office that was an active acquiror of closely-held businesses with a long-term horizon.
Keith Gavin is Quaker Hospitality’s managing owner. He has been with Penn Station for 24 years and has been intimately involved with this portfolio.
Cincinnati-based Penn Station East Coast Subs features grilled sub sandwiches - including the chain’s renowned Philadelphia cheesesteak sandwich - and cold deli sandwiches made to order with high-quality ingredients on hearth-baked bread. The menu also includes fresh-cut fries, hand-squeezed lemonade and chocolate chunk cookies baked daily in the restaurant. Penn Station offers eat-in dining, carry out and catering.
About Penn Station East Coast Subs
Founded in Cincinnati, Ohio in 1985, Penn Station serves an assortment of hot and cold deli sandwiches, wraps and salads made to order with high-quality ingredients. The menu also includes fresh-cut fries, hand-squeezed lemonade made throughout the day and chocolate chunk cookies baked in the restaurant.
Penn Station 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. All but one location is franchised. As a franchisor, Penn Station is known for its outstanding profitability and return on investment. Penn Station was named one of the Best Franchises to Buy by Forbes in 2016, 2018 and 2019 and one of the Best Franchise Deals by QSR Magazine in 2016 and 2017.
Penn Station partners with local Down syndrome associations to raise money, donating almost $80,000 to the Cincinnati and Dayton organizations in 2019. Starting in 2020, Penn Station will host a systemwide campaign each March to raise money for the local Down syndrome associations across the Midwest and Southeast.
Projections call for the opening of 10 to 15 restaurants nationwide in 2019. Penn Station is targeting Kansas City, Atlanta, Chicago, Pittsburgh, Nashville, Richmond and Raleigh for franchise expansion. For more information, visit www.penn-station.com.
SOURCE Penn Station East Coast Subs