Berkshire Hathaway takes large stake in Pilot Flying J

Berkshire Hathaway Inc., the holding company run by billionaire businessman and investor Warren E. Buffett, has acquired a 38.6-percent stake in privately held Pilot Travel Centers LLC, owner of the Pilot Flying J truckstop chain, with plans to become the company's biggest shareholder in six years.

Omaha-based Berkshire is expected to control Knoxville, Tenn.-based Pilot Flying J by 2023, when it will own 80 percent of the business, according to a statement from Pilot Flying J. The Haslam family will continue to hold a majority interest, with 50.1-percent ownership. FJ Management Inc., owned by the Maggelet family, will retain 11.3-percent ownership until 2023. Berkshire will then become the majority shareholder by acquiring an additional 41.4-percent equity stake. The Haslam family will then retain 20-percent ownership.

Current CEO Jimmy Haslam, who is also owner of professional football's Cleveland Browns, will remain as CEO. Founded in 1993, Pilot Flying J operates out of 750 locations in the U.S. and Canada. It generates approximately $20 billion in annual revenues. Financial terms of the Berkshire deal were not disclosed.