• ITVI.USA
    15,466.420
    -70.120
    -0.5%
  • OTLT.USA
    2.742
    -0.012
    -0.4%
  • OTRI.USA
    20.530
    0.040
    0.2%
  • OTVI.USA
    15,439.080
    -68.090
    -0.4%
  • TSTOPVRPM.ATLPHL
    3.300
    0.000
    0%
  • TSTOPVRPM.CHIATL
    3.140
    0.190
    6.4%
  • TSTOPVRPM.DALLAX
    1.590
    0.150
    10.4%
  • TSTOPVRPM.LAXDAL
    3.330
    0.020
    0.6%
  • TSTOPVRPM.PHLCHI
    2.170
    0.020
    0.9%
  • TSTOPVRPM.LAXSEA
    4.080
    0.130
    3.3%
  • WAIT.USA
    125.000
    -1.000
    -0.8%
  • ITVI.USA
    15,466.420
    -70.120
    -0.5%
  • OTLT.USA
    2.742
    -0.012
    -0.4%
  • OTRI.USA
    20.530
    0.040
    0.2%
  • OTVI.USA
    15,439.080
    -68.090
    -0.4%
  • TSTOPVRPM.ATLPHL
    3.300
    0.000
    0%
  • TSTOPVRPM.CHIATL
    3.140
    0.190
    6.4%
  • TSTOPVRPM.DALLAX
    1.590
    0.150
    10.4%
  • TSTOPVRPM.LAXDAL
    3.330
    0.020
    0.6%
  • TSTOPVRPM.PHLCHI
    2.170
    0.020
    0.9%
  • TSTOPVRPM.LAXSEA
    4.080
    0.130
    3.3%
  • WAIT.USA
    125.000
    -1.000
    -0.8%
American ShipperShipping

Buffett bets on truck stops with stake in Pilot Flying J

Billionaire investor Warren Buffett’s Berkshire Hathaway will acquire a 38.6 percent equity stake in Pilot Flying J, the largest operator of travel centers in North America, the companies revealed in a statement Tuesday.

   Billionaire investor Warren Buffett’s Berkshire Hathaway Inc. has made a minority investment in Pilot Travel Centers LLC (d.b.a. Pilot Flying J), the companies revealed Tuesday.
   Pilot Flying J is the largest operator of travel centers in North America. The company has over 27,000 team members, 750 locations throughout the United States and Canada, and more than $20 billion in revenues.
   Under the terms of the agreement, Berkshire Hathaway will acquire a 38.6 percent equity stake in Pilot Flying J, the Haslam family will hold a 50.1 percent ownership, and FJ Management will retain 11.3 percent ownership until 2023.
   Pilot Flying J CEO Jimmy Haslam, along with President Ken Parent and the management team, will all remain in place. In addition, Pilot Flying J will continue to be headquartered in Knoxville, Tenn.
  In 2023, Berkshire will become the majority shareholder in Pilot Flying J, acquiring an additional 41.4 percent equity stake – FJ Management’s 11.3 percent stake, and a 30.1 percent stake from the Haslam family – with the Haslam family retaining 20 percent ownership, and remaining involved with the company.
   For Buffett, the deal represents another significant investment in the U.S. freight transportation industry. Among its myriad other interests, Berkshire Hathaway already owns Burlington Northern Santa Fe, LLC, the parent company of Fort Worth, Texas-based Class I railroad BNSF Railway.

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