Multinational American conglomerate holding company Berkshire Hathaway has purchased a 38.6 percent stake in truck stop company Pilot Flying J and plans to increase its share to 80 percent by 2023, The Tennessean reported.
Pilot Flying J is the largest operator of travel centers in North America, with more than 27,000 team members, 750 locations across the U.S. and Canada, and more than $20 billion in revenues. The company said in a statement that the investment will expand Pilot Flying J’s opportunities for growth as the company remains committed to delivering outstanding service for the trucking industry, professional drivers, local communities and interstate travelers across North America.
Seven years ago, Pilot Travel Centers merged with Flying J to form the combined company.
The company will continue to be run by CEO Jimmy Haslam, who is the brother of Tennessee Governor Bill Haslam and President Ken Parent, from the company’s current headquarters in Knoxville, Tennessee.
Jimmy Haslam also is the owner of the Cleveland Browns of the National Football League. He said his obligations with the Browns played no role in the transaction with Buffet.
Financial terms of the deal were not disclosed. The company has more than $20 billion in annual revenue.
“Pilot Flying J is built on a longstanding tradition of excellence and an unrivaled commitment to serving North America’s drivers,” Berkshire Hathaway CEO Warren Buffett said in a Flying J company statement. “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, the largest operator of travel centers in North America, is committed to connecting people and places with comfort, care and a smile at every stop. Pilot Flying J has retail locations in 44 states, more than 100 roadside assistance trucks, and 44 commercial tire and service centers. The Pilot Flying J network provides drivers with access to more than 70,000 parking spaces for trucks, 4,900 showers and more than 5,000 diesel lanes. Pilot Flying J is currently ranked No. 15 on Forbes’ list of America’s largest private companies.
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