The story
Founded by Jimmy Haslam in 2010.1
Pilot Corporation opened its first truck stop in 1981.
On November 15, 1993, Pilot entered a joint venture with Marathon Petroleum Company, and all 60 or so Pilot Truck Stops were renamed Pilot Travel Centers.
Starting in mid-2002, Marathon converted many of its Speedway truck stops, to the Pilot Travel Center moniker. In 2003, Pilot Travel Centers bought the Williams Truck Stop chain. The number of stops more than quadrupled.
In 2008, Pilot bought out Marathon's interest in the business and formed a partnership with CVC Capital Partners, an international private equity firm. Pilot also has deals with Road Ranger and Town Pump, and purchased a controlling stake in Mr. Fuel in 2014. In October 2014, Pilot Flying J announced they would borrow funds to provide a $750 million dividend to shareholders and facilitate a buyout of its private-equity partner CVC Capital Partner. In 2015, the Haslam family (Pilot's Founders) completed the buyout of CVC Capital Partner's stake.
Flying J merger
In July 2009, Pilot agreed to purchase Flying J's travel centers, as a part of Flying J's efforts to remove itself from Chapter 11 bankruptcy. The deal was finalized for $1.8 billion on July 1, 2010, and the combined company took the d.b.a. name Pilot Flying J, while Pilot Travel Centers LLC remained the company's legal name.
As part of the deal, both the Pilot and Flying J chain kept their identities intact, while both chains started accepting the Comdata and Flying J's in-house TCH fuel cards. In addition, Flying J received cash and equity in the new combined chain. Flying J's oil and refining operations as well as its banking and insurance division remained separate from the new company, and was subsequently renamed FJ Management Inc.
To settle antitrust concerns with the Federal Trade Commission, Pilot sold 20 Pilot Travel Centers locations and six Flying J locations to Love's Travel Stops & Country Stores on June 30, 2010. The merger left the combined company with over 550 locations in 44 U.S. states and six Canadian provinces. In 2011, Pilot Flying J began a partnership with Truckers Against Trafficking.
PFJ Southeast
On June 23, 2016, Pilot Flying J and Speedway announced a new joint venture between the two companies that will see 41 Speedway locations (all former Wilco Hess locations) and 79 Pilot Flying J locations primarily in the Southeastern United States form PFJ Southeast LLC. The locations will be operated by Pilot Flying J and the Speedway locations will be rebranded as either Pilot or Flying J.
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Berkshire Hathaway purchase
On October 3, 2017, it was announced that Warren Buffett-controlled Berkshire Hathaway would acquire 38.6% of Pilot Flying J, with plans to increase its stake to 80% in 2023. The Haslam family and FJ Management will retain ownership stakes until then, upon which the Haslam family will retain the remaining 20% and FJ Management will withdraw altogether. The Haslam family will retain control of day-to-day operations of the company. In January 2024, the Haslam family sold the remaining 20% to Berkshire Hathaway.
From Wikipedia’s article on Pilot Flying J, shared under CC BY-SA 4.0.3