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Buffet’s Berkshire Hathaway Buys Large Stake in Pilot Flying J

October 3, 2017

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Photo: Pilot Flying J
Photo: Pilot Flying J

Warren Buffet-run holding company Berkshire Hathaway has made a significant minority investment in truckstop chain Pilot Flying J, with plans to become the majority stakeholder by 2023, the companies announced.

The Haslam family will continue to own a majority of Pilot Flying J. Jimmy Haslam will remain its chief executive officer along with current President Ken Parent and the company’s management team. Under the terms of the deal, Berkshire will acquire a 38.6% stake in the company with plans to become the majority stakeholder by 2023. At that point, the Haslam family will retain a 20% ownership share.

“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.”

Pilot Flying J will remain headquartered in Knoxville, Tennessee. The truckstop company employs 27,000 people in 750 locations across the U.S. and Canada. The investment from Berkshire Hathaway is seen as an opportunity for growth.

“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.”

Comments

  1. 1. Kenny Scott [ October 03, 2017 @ 11:19AM ]

    Tradition of excellence and unrivaled commitment to severing the North American driver. My answer to that statement contains a cus word and you. Nobody has ruin the good truckstop more than Haslim and also the Cleveland Browns.

  2. 2. Marvin [ October 03, 2017 @ 12:34PM ]

    I agree. In my opinion, Pilot/Flying J has become the biggest thieves out there. However Flying J was once pretty decent. The only business I do in a Pilot is take a dump!

  3. 3. Richard Davis [ October 03, 2017 @ 02:54PM ]

    Don't know where they got that tradition of excellence from. Haslam family ripped companies off of millions of dollars. Of course, the Haslam's didn't know where all that extra money in their bank account was coming from.

  4. 4. ScooterAddict [ October 03, 2017 @ 07:27PM ]

    The independent truckstop is dying fast. With e-logs and Govt trying to control all aspects of trucking, you have to eat fast food cause you don't have time to sit down and have a meal. Then health officials think it's about the driver sitting and doing nothing. Look at the diet now, cheap fast food and drivers eating going down the road! Now add Warren Buffet to the mix and you will see ways to maximize profits off the backs of truckdrivers. Look what he's done to the RV industry as quality has gone downhill but the fascia looks good. Pilot has gone downhill and Flying J has become the tourist Mecca for cheezy gadgets and overpriced junk!
    I truly doubt that Buffet wants to enhance the truckdrivers life. Then as the trucking industry goes downhill, execs say they can't find good drivers. They can't find them because the money is low, to many hours and the freedom is gone for the driver.
    Anyhow, just sayin!

 

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