The investment will expand Pilot Flying J’s opportunities for growth
Berkshire Hathaway Inc. has made a substantial minority investment in Pilot Travel Centers LLC, d/b/a Pilot Flying J. This was jointly stated by Berkshire Hathaway Inc. and Pilot Flying J. Jimmy Haslam will remain as chief executive officer while the Haslam family will continue to own a majority of Pilot Flying J.
As the Company remains committed to delivering outstanding service for the trucking industry, professional drivers, local communities and interstate travelers across North America, the investment will expand Pilot Flying J’s opportunities for growth.
Berkshire will acquire a 38.6 percent equity stake in Pilot Flying J, as per the terms of the agreement. With 50.1 percent ownership in the Company, the Haslam family will continue to hold a majority interest. FJ Management, Inc., owned by the Maggelet family, will retain 11.3 percent ownership until 2023. Berkshire, in 2023, will become the majority shareholder by acquiring an additional 41.4 percent equity stake.
President and CEO of Berkshire Hathaway, Warren Buffett, said, “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.”
“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.”
“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. Berkshire Hathaway’s commitment to keep Pilot Flying J in Knoxville was most important to us,” said James Haslam II, founder and chairman, Pilot Travel Centers LLC. PWKD05102017