The Tennessee retailer now includes one of the country’s shrewdest investors.
One of the fastest growing travel center networks in the country is now linked with one of the most noteworthy U.S. investors: Warren Buffett.
Buffett’s Berkshire Hathaway has agreed to purchase a stake in Knoxville, Tenn.-based Pilot Travel Centers, the owners of the Pilot Flying J chain of truck stops, and become the majority owner over a six-year period, according to a Fortune report. Terms of the deal were not disclosed.
“Pilot Flying J is built on a longstanding tradition of excellence and an unrivaled commitment to serving North America’s drivers,” Buffett said in a news release. “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.”
The chain has 750 locations across the U.S. and Canada, boasting annual revenues of $20 billion. Berkshire Hathaway will initially acquire a 38.6% stake in the company, slowly buying more shares in the following years. Pilot Flying J’s combined network serves more than 1.3 million customers daily.
GROWTH PLANS
Pilot Flying J recently announced a partnership with Bass Pro Shops. The shop-in-shop concept was launched at 13,000-square-foot Pilot Flying J travel center in Lebanon, Tenn. this summer, and also showcases the company’s new, interactive technology and products tied to its new consumer electronics center. Other initiatives at the Lebanon site include expanded foodservice offerings and other customer perks.
Buffett’s unexpected investments include companies such as Duracell, the Pampered Chef.