Investment

Buffett buys big family business after introduction by Byron Trott

Pilot Flying J has more than stations throughout the US              Photo: Wikimedia
Pilot Flying J has more than stations throughout the US              Photo: Wikimedia

Warren Buffett’s Berkshire Hathaway has bought a big stake in Pilot Flying J, a family business that runs a huge US truck stop chain. The deal will also see Berkshire becoming the biggest shareholder within six years.

Berkshire has agreed to acquire 38.6% of Pilot Flying J, based in Knoxville, Tennessee. The Haslam family will continue to hold a majority stake in the business, which was set up in Gate City, Virginia as a single gas station in 1958 by  Jim Haslam. Pilot Flying J is big, generating more than $20 billion in revenue last year. It now has more than 750 locations across North America and employs 27,000 people. In terms of revenue, it is the 56th biggest family business in the world, according to the University of St Gallen’s Family Business Index.

Second generation Jimmy Haslam is the CEO of Pilot Flying J and will remain in the position. According to Bloomberg, Haslam befriended Buffett after being introduced earlier this year by Byron Trott, the Chicago investor who has numerous connections with sizable family businesses across the world.

Another business called FJ Management and controlled by the Maggelet family owns an 11.3% stake in the Pilot Flying J, and will retain that stake until Berkshire becomes in biggest shareholder in 2023.

 

 

 

Subscribe

You will need a Premium Plus Subscription to access this database.

Exclusive news, analysis and research on global family enterprise and private investment offices.

Access to the most comprehensive fully interactive database on global family offices, principal investment offices, and family enterprises.

Check Deal Data, Senior Staff, and New Analysis on more than 500 family/principal investment and holding groups

Already have an account? Login

Subscribe

You need at least a Premium Subscription to read this article.

The most comprehensive information service on the global family enterprise world, featuring exclusive news, analysis, research and data on global family enterprises, family offices, and private investment offices.

Premium

£ 299

Annually

  • Exclusive reports, analysis and commentary
  • Exclusive access to family/private investment office deal information
  • Exclusive interviews with principals and senior management of family/investment offices
Subscribe now

Premium Plus

£ 399

Annually

  • Access to All of Premium
  • Access to all of FamilyCapital Analytics, our interactive database with more than 500 detailed profiles of family investment groups

More Info

Subscribe Now

Already have an account? Login

Subscribe

Exclusive news, analysis and research on global family enterprise and private investment offices.

Membership

Free

  • Exclusive reports, analysis and commentary
Sign up

Premium

£ 299

Annually

  • Exclusive reports, analysis and commentary
  • Exclusive access to family/private investment office deal information
  • Exclusive interviews with principals and senior management of family/investment offices
Subscribe now

Premium Plus

£ 399

Annually

  • Access to All of Premium
  • Access to all of FamilyCapital Analytics, our interactive database with more than 500 detailed profiles of family investment groups

More Info

Subscribe Now

Already have an account? Login