The Truck Stop Billionaires Behind Buffett's Pilot Flying J Deal
- Family owners selling down their majority stake to Berkshire
- One son is Tennessee governor, another owns the NFL’s Browns
Buffett Buys Stake in Pilot Flying J Truck Stop Chain
James Haslam II paid $6,000 in 1958 to take over a gas station in Gate City, Virginia. Six decades later, that investment has grown into Pilot Flying J, a sprawling chain of North American truck stops and gas stations now run by his son Jimmy that’s attracted the interest of billionaire Warren Buffett.
“Jimmy Haslam and his team have created an industry leader and a key enabler of the nation’s economy,” Buffett, 87, said in a statement announcing the deal Tuesday. Buffett is buying 38.6 percent of Pilot Travel Centers LLC, owner of the Pilot Flying J truck stop chain, and the company and will own 80 percent by 2023. The Haslam family will control the balance.