Inglewood Engagement Wins Turnaround/Transaction of the Year
TMA Ohio names the Quaker Steak & Lube engagement its 2016 Turnaround/Transaction of the Year, crediting the team with saving 1,000 jobs and an iconic brand.
The Ohio Chapter of the Turnaround Management Association has named the Quaker Steak & Lube engagement its 2016 Turnaround/Transaction of the Year. John K. Lane, Inglewood's CEO, served as interim CFO for Quaker Steak & Lube, and his Inglewood partner, Stuart Saddler, served as interim controller.
The team recognized with the award included Mr. Lane, Mr. Saddler, the company's outside counsel, counsel for the unsecured creditors committee, and the committee's financial advisor.
Inside the Turnaround/Transaction of the Year Engagement
The Quaker Steak & Lube team was credited with saving an iconic 40-year-old brand and 1,000 jobs through the sale of the company's operations to TravelCenters of America (TA), completed through a Section 363 sale in U.S. Bankruptcy Court.
Speed made the difference. Inglewood identified TA as a potential buyer and set up the initial negotiation meeting just 11 days after being engaged by Quaker Steak & Lube. From that first meeting, the transaction team took only 42 days to finalize an asset purchase agreement and prepare for the required bankruptcy filing.
What Lenders and Leadership Said
A loan officer at one of Quaker Steak & Lube's lending banks put it plainly:
"When I saw that Inglewood had gotten involved, I knew that things were going to start happening."
Greg Lippert, Quaker Steak & Lube's CEO through the transaction date, said:
"Inglewood was with us every step of the way. They were a great partner and one that we would highly recommend. They exude integrity and are results driven."
On November 1, 2016, TA announced in a press release, "Plans for this popular restaurant chain include aggressive growth nationwide."
Learn more about how Inglewood approaches turnaround consulting engagements like this one.
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