Warren Buffett’s firm to become majority stakeholder of Pilot Flying J in 2023

10/6/2017

Warren Buffett’s company, Berkshire Hathaway Inc. made a significant minority investment into the Knoxville-based Pilot Travel Centers.

At this time, the Haslam family will still be the majority owners of Pilot Flying J. The company is run by Jimmy Haslam, who will stay the chief executive officer. The headquarters will remain in Knoxville.

“Pilot Flying J is built on a longstanding tradition of excellence and an unrivaled commitment to serving North America’s drivers,” said Warren Buffett, chairman, president and CEO of Berkshire Hathaway. “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.”

Berkshire Hathaway will acquire a 38.6 percent equity stake in Pilot Flying J and will become the majority shareholder in 2023 by acquiring an additional 41.4 percent equity stake. At that time, the Haslam family will keep 20 percent of the ownership and stay involved in the company.

“Given the impeccable reputation of Warren Buffett’s Berkshire Hathaway, and our shared vision and values, we decided this was an ideal opportunity,” said Jimmy Haslam, CEO of Pilot Flying J. “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.”

Pilot Flying J has more than 750 locations across the U.S. and Canada, making it the largest operator of travel centers in North America.

Source: WATE

The East Tennessee Economic Development Agency markets and recruits business for the 15 counties in the greater Knoxville-Oak Ridge region of East Tennessee. Visit www.eteda.org

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