TopNews

Pilot Flying J Investor Reportedly Selling Off Shares

December 18, 2013

SHARING TOOLS        | Print Subscribe

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

Comments

  1. 1. Dave [ December 19, 2013 @ 08:36PM ]

    Since everyone's so eager to throw PFJ under the bus, maybe the feds should look at the under the table dealings of Lane Kidd from AR. He claims to have NOTHING to gain from the so-called 8 unnamed companies he represents in his Trucking Alliance. 7 of the 8 are big companies, that I'd be willing to bet are already filing their own claims against PFJ. Those 7 so far un-named companies are- J.B. Hunt, Fikes Truck Lines, Maverick Transportation, Knight Transportation, Dupre Logistics, Boyle Transportation, and Schneider National.
    Double dipping a large settlement should be as FRAUDULENT as the claims against PFJ.

 

Comment On This Story

Name:  
Email:  
Comment: (Maximum 2000 characters)  
Leave this field empty:
* Please note that every comment is moderated.

Newsletter

We offer e-newsletters that deliver targeted news and information for the entire fleet industry.



GotQuestions?

LUBRICANTS

The expert, Mark Betner from Citgo will answer your questions
Ask a question

Sponsored by


WHEEL ENDS SOLUTIONS

Wheel end expert Jeff Geist from STEMCO will answer your questions
Ask a question

Sponsored by

Magazine