Billionaire investor Warren Buffett struck a deal to eventually acquire control of truck-stop chain Pilot Flying J in a move that will preserve the company's Tennessee headquarters and leadership.
The deal will mark the end of the Haslam family's control of Pilot Flying J, which has more than 27,000 employees, 750 locations and $20 billion in revenue.
Pilot Flying J CEO Jimmy Haslam owns the Cleveland Browns, and his brother, Bill, is the governor of Tennessee and is weighing a run for the U.S. Senate. Their father, Jim, started the company in 1958.
The founding family's shares in the Knoxville-based chain will immediately drop from 77% to 50.1%, with Berkshire Hathaway acquiring 38.6%. Minority stakeholder FJ Management Inc. will retain an 11.3% stake.
By 2023, Berkshire will become Pilot Flying J's majority shareholder by acquiring another 41.4%, with the Haslam family keeping 20%.
Warren Buffett, Berkshire Hathaway acquiring Pilot Flying J truck stops
Warren Buffett is buying Pilot flying J from the haslam family
Discussion in 'Truckers News' started by drvrtech77, Oct 3, 2017.
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