The Haslam Family — the family of the Cleveland Browns owner and CEO of Pilot Corp. — has announced that it has sold its remaining 20% interest in Pilot Travel Centers to the Warren Buffett-led Berkshire Hathaway.
According to CNBC, the announcement came more than a week after the Haslam Family and Berkshire Hathaway settled a billion-dollar lawsuit over an accounting method that would allegedly depress the sale price of the family’s stake in Pilot Travel Centers.
Last year, it was noted in a regulatory filing that the Haslam Family’s non-controlling interest in the company was valued at roughly $3.37 billion.
However, it is speculated that the deal could be cut by as much as $1.2 billion after the settled lawsuit between Berkshire Hathaway and Pilot Corp.
Pilot was founded in Gate City, Va., in 1958 by Jim Haslam II. Over the last six decades, the company’s network expanded rapidly through organic growth as well as through a series of transactions, including with Marathon Ashland Petroleum, Williams, Speedway, Mr. Fuel, Speedway-Wilco and the merger of Pilot Travel Centers with Flying J in 2010.
Today, Pilot is the largest operator of travel centers in North America with more than 750 locations across 44 states and six Canadian provinces, selling around 14 billion gallons of fuel a year, and nearly $3 billion in food and merchandise. Prior to the sale, Pilot Flying J was the fifth largest private company in the U.S.
“Pilot started with one gas station 65 years ago, and because of the dedicated and exceptional team members we have had throughout our history, it is now an industry leader,” said Jim Haslam II, founder of Pilot Travel Centers. “While this has certainly been an emotional decision for us, it is one we felt was right for our family at this time. We look forward to continuing to support our life-long home of Knoxville, Tenn., and to furthering our deep commitment and philanthropy throughout the region that we all love.”
“As a family business, it is humbling to think of all of the team members who have been a part of Pilot Flying J and we are beyond grateful for their commitment and contributions over the years,” added Jimmy Haslam, CEO and Chairman of Pilot Corp. “We also have profound appreciation for all of the guests, professional drivers and trucking companies who have supported Pilot Flying J as they have been a key part of the evolution and growth of this dynamic industry over the last six decades. We will always consider the Pilot Flying J team as family, and we wish them success as they continue to develop the best travel center network in North America and keep America moving.”