The Award-Winning casual-dining franchise Quaker Steak & Lube, known for the Best Wings USA and more than 25 signature sauces, announced today that Frederick Dreibholz, current chief financial officer, has been named interim chief executive officer of the Quaker Steak & Lube restaurant group, effective immediately.
Dreibholz replaces John Longstreet who is stepping down as chief executive officer of the popular full-service restaurant chain. After serving on the board of directors since 2004, Longstreet became chief executive officer in 2010. This shift in leadership comes at a time when The Lube® has shown significant growth, expanding both in restaurants and new markets.
“John embarked on a multipronged program when he took the helm of Quaker Steak & Lube, which included improving all aspects of operations, creating a dynamic local restaurant marketing program and implementing a significant restaurant growth strategy,” said Debra Koenig, chairman of the board. “Fred and his team will build on these successes while targeting the specific challenges that face the restaurant industry today.”
A 30-year industry veteran, Fred Dreibholz joined Quaker Steak & Lubein November 2012 as chief financial officer. Prior to The Lube, Dreibholz held the position of chief financial officer for several restaurant groups, including Flik International, Champps Entertainment and Souper Salad. Dreibholz has extensive experience transforming small companies into large enterprises, achieving significant revenue growth and dramatic expansion in the U.S. and global markets while maintaining a strong focus on cost control and profit enhancement. Dreibholz has worked with several of the top private equity firms in the country including Sun Capital, Lincolnshire Management, Castanea Partners and Enhanced Equity Partners. Dreibholz is a Certified Public Accountant and earned an MBA in finance and accounting from Marquette University, and received an undergraduate degree from Cornell University.
“I am excited about the opportunities for Quaker Steak & Lube. Our team’s plan, in concert with our franchise owners, is to continue the momentum of restaurant growth while maximizing profitable sales,” said Dreibholz. “The Lube has a great opportunity to leverage the talents of our management team and franchise community. In 2014, we are poised to open twelve, or more restaurants, representing a growth rate in excess of 18 percent.”
Founded in 1974 and built in an abandoned gas station in Sharon, Pa., Quaker Steak & Lube has expanded to more than 60 locations throughout the United States and Canada. The unique decor, including gas station memorabilia, classic cars, motorcycles, race cars and corvettes suspended from the ceilings combined with the crave-able food and high-octane events has afforded The Lube a cult-like fan following. Today, Quaker Steak & Lube has become one of the fastest-growing restaurant chains in the country, and has won hundreds of national and international awards for its wings and more than 25 different wing sauces.