Berkshire Hathaway Inc. (NYSE:BRK.B) is buying a 38.6% stake in Pilot Travel Centers LLC, a family-owned operator of travel centers in North America, which trades as Pilot Flying J.
Warren Buffett's investment vehicle said current owners, the Haslam family, will continue to own a majority stake in the company, which has more than US$20bn in revenues, more than 27,000 employees and 750 locations across the US and Canada.
In 2023, Berkshire Hathaway will buy an additional 41.4% equity stake and become majority shareholder, leaving the Haslam family with a 20% stake.
Pilot Travel Centers will remain headquartered in Knoxville, Tennessee, and Jimmy Haslam will remain as its chief executive.