Berkshire Hathaway has agreed to acquire a 38.% stake in Pilot Flying J with the right to obtain an additional 41.4% stake in 2023, the company announced.
The Haslam family will maintain a 50.1% ownership share at this time with FJ Management, owned by the Maggelet family, retaining 11.3% under 2023. At that time, the Warren Buffett-owned Berkshire Hathaway will become the majority stakeholder with 80% ownership. The Haslam family will retain the remaining 20%.
No changes are planned for the operation of Pilot Flying J, with all executives remaining in place and headquarters staying in Knoxville, TN. Jimmy Haslam will remain CEO.
Pilot Flying J operates more than 750 locations in the U.S. and Canada and has 27,000 employees. Revenues exceed $20 billion.
“Pilot Flying J is built on a longstanding tradition of excellence and an unrivaled commitment to serving North America’s drivers,” said Buffett, chairman, president & 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.”
“Given the impeccable reputation of Warren Buffett’s Berkshire Hathaway, and our shared vision and values, we decided this was an ideal opportunity,” said Haslam. “As a family business that has evolved and prospered over the last six decades, we knew that any potential partner would need to share out commitment and have a proven track record as a long-term investor. We have that in Berkshire Hathaway.”