News

Ohio Penn Station Subs sold to new franchisee

October 2, 2019

Quaker Hospitality Holdings has purchased 18 Ohio Penn Station East Coast Subs from PS Management, according to a company press release. 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 in the release. "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."

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 and has 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.

"As a native Cincinnatian, I appreciate the strength of the Penn Station brand and its product and service reputation," McLean said in the release. "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."

Gavin, Quaker Hospitality's managing owner, has been with Penn Station for 24 years.

Founded in Cincinnati, Ohio in 1985, Penn Station has more than 310 locations in 14 states.