Arctic Circle, the Salt Lake-based chain with 102 fast food restaurants, was sold Thursday to a Pittsburgh, Pa., investment group. Amount of the sale was not disclosed.
Founded in Utah 64 years ago, Arctic Circle has operated as a division of Quaker State-Minit Lube, Inc., itself a subsidiary of Pennsylvania-headquartered Quaker State Corp., whose primary business is owning, operating and franchising fast lube service centers.Quaker State said a definitive agreement had been signed to sell the Arctic Circle restaurants to the Maverick Fund, a Pittsburgh-based investment group. The Maverick Fund is managed by the MMC Group Inc., Pittsburgh, Pa., and controls several other firms in a variety of businesses.
Maverick will acquire control of all Arctic Circle restaurants in 10 Western states, including 35 in Utah, 29 in Oregon and 11 each in Idaho and Washington.
Sales of the Arctic Circle chain in 1987 were about $35 million.
A spokesman said that before the sale is completed on June 30, Arctic Circle will terminate operations at three Po' Folks restaurants it operates under a franchise arrangement.
Maverick will acquire Arctic Circle in exchange for cash and a note with Quaker State retaining an option to acquire a minority interest in the new company. The spokesman said the sale will have "no significant impact" on Quaker State's fianncial statement.
The spokesman said Arctic Circle will continue to be headquartered in Salt Lake City. No immediate personnel changes are planned.
The roots of Arctic Circle go back to 1924 in Logan where Don Carlos Edwards opened his first restaurant. Later, the family moved to Salt Lake, where, for 29 years, Edwards operated the Don Carlos Bar Be Q at Ninth South and State. In 1972 it closed and a new Arctic Circle national training center and Arctic Circle restaurant was built in its place.