Pilot Flying J Investor Reportedly Selling Off Shares
December 18, 2013
One of the world’s largest private investment firms says it plans to sell its $2 billion stake in the truckstop chain Pilot Flying J.
London-based CVC Capital Partners has reportedly told investors it plans to sell its 20% share in two stages in January of 2015 and January of 2016 to the Haslam family, according to Bloomberg Businessweek.
CVC purchased its share of Pilot Flying J in 2008 after Marathon Petroleum sold off its shares, later selling it to what was then Pilot, before the merger with Flying J.
There is no indication if the April 15 raid on Pilot Flying J’s Knoxville headquarters by FBI and IRS agents as part of a criminal probe that the company allegedly bilked trucking customers out of money in the form of diesel fuel rebates is the reason for the sale.
Last month a settlement was approved in a class-action lawsuit against Pilot Flying J, though some customers have declined to take part in it.
At least seven current and former Pilot Flying J employees have pleaded guilty for their roles, with the company and CEO Jimmy Haslam denying any knowledge of impropriety.
Read more about it from Bloomberg Businessweek.