
The Haslam family has sold a minority stake in Pilot Flying J to Warren Buffett’s Berkshire Hathaway, with plans to sell additional shares in the coming years.
The deal was announced by in a Pilot Flying J press release on Tuesday, October 3rd.
According to the press release, Berkshire’s recent purchase gives them a 38.6% stake in Pilot Flying J, while the Haslam family maintains the majority share with 50.1%, and FJ Management Inc. maintaining an 11.3% ownership.
The press release continues, stating that in 2023, Berkshire will purchase an additional stake in the company, bringing them up to an 80% ownership stake. At that point, the Haslam Family will own the remaining 20%, a minority stake, and FJ Management Inc. will no longer have any ownership.
“Given the impeccable reputation of Warren Buffett’s Berkshire Hathaway, and our shared vision and values, we decided this was an ideal opportunity,” said CEO of Pilot Flying J Jimmy Haslam.
“As a family business that has evolved and prospered over the last six decades, we knew that any potential partner would need to share our commitment and have a proven track record as a long-term investor. We have that in Berkshire Hathaway – they believe in our strategy, support our team and are excited to see Pilot Flying J grow. We are honored and humbled to partner with them,” Jimmy Haslam continued.
“Berkshire Hathaway’s investment in Pilot Flying J is a testament to our exceptional team members and their dedication that has made Pilot Flying J the great company it is today,” added James Haslam, founder, and chairman of Pilot Travel Centers LLC.
Pilot Flying J is the largest travel center chain in North America, bringing in $20 billion in revenue from its more than 750 US and Canadian locations. Pilot Flying J is also ranked number 15 on the Forbes ‘America’s Largest Private Companies.’
“Pilot Flying J is built on a longstanding tradition of excellence and an unrivaled commitment to serving North America’s drivers. Jimmy Haslam and his team have created an industry leader and a key enabler of the nation’s economy. The Company has a smart growth strategy in place and we look forward to a partnership that supports the trucking industry for years to come,” said Warren Buffett, chairman, president, and CEO of Berkshire Hathaway.