Berkshire Hathaway, where billionaire investor Warren Buffett serves as chairman, president and CEO, has purchased a significant stake in Pilot Flying J, acquiring 38.6 percent of the company, according to a joint press release by both companies Tuesday.
The terms of the deal were not disclosed, but the Haslam family will retain majority ownership with a 50.1 percent stake in the company, and Jimmy Haslam will continue as CEO. PFJ President Ken Parent and the company’s management team will also remain in place. The company will also remain headquartered in Knoxville, Tenn.
“Pilot Flying J is built on a longstanding tradition of excellence and an unrivaled commitment to serving North America’s drivers,” said Buffett. “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.”
Until 2023, the Maggelet family, owners of FJ Management, Inc., will retain 11.3 percent ownership. In 2023, however, Berkshire will become the majority shareholder by acquiring an additional 41.4 percent stake, and the Haslam family will retain 20 percent ownership and remain involved with PFJ.
“Given the impeccable reputation of Warren Buffett’s Berkshire Hathaway, and our shared vision and values, we decided this was an ideal opportunity,” Haslam said.
Pilot Flying J has more than 27,000 employees, 750 locations and more than $20 billion in revenues.