Terms of the deal were not disclosed.
Pilot Flying J has 750 locations across the U.S. and Canada, and more than $20 billion in revenues. Buffet, who is 87, is listed as the second richest man on Forbes’ list of billionaires, worth some $75.6 billion.
The Haslam family will continue to own a majority of Pilot Flying J and Jimmy Haslam will remain its chief executive officer. Pilot Flying J President Ken Parent and the company’s management team will also remain in place, according to the statement.
“Pilot Flying J is built on a longstanding tradition of excellence and an unrivaled commitment to serving North America’s drivers,” said Warren Buffett, chairman, president and 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.”
Under the terms of the agreement, Berkshire will acquire a 38.6 percent equity stake in Pilot Flying J. The Haslam family will continue to hold a majority interest with 50.1 percent ownership in the company. FJ Management, Inc. will retain 11.3 percent ownership until 2023. At that time Berkshire will become the majority shareholder by acquiring an additional 41.4 percent equity stake and the Haslam family will retain 20 percent ownership in the company.
“Given the impeccable reputation of Warren Buffett’s Berkshire Hathaway, and our shared vision and values, we decided this was an ideal opportunity,” said Jimmy Haslam, CEO of Pilot Flying J.