In 2017, Berkshire Hathaway took a 38.6% stake in the largest operator of truck stops and rest stops in North America, Pilot Company. The company has 750 locations under the Pilot and Flying J brands.
Berkshire is purchasing its equity position from the Haslam family, the company’s founders, and is progressing towards a majority ownership of Pilot by 2024.
Jimmy Haslam, the son of the company’s founder Haslam, will remain in charge when the acquisition is completed.
In acquiring companies, Berkshire is always looking for dedicated management that will bring the same passion and drive to a company even after they no longer own a majority interest. That certainly is happening at Pilot, as the company looks to innovate the customer experience in a rapidly changing marketplace with its “Welcome to Pilot” initiative.
Recently, key marketing personnel at Pilot detailed how they are evolving Pilot’s stores with an emphasis on cashless and contactless transactions, and the overall enhancement of the customer experience.
You can hear all about Pilot’s prototype stores and innovations in “How Pilot is Changing Its Store Experience” on the At Your Convenience podcast that brings you the inside scoop on the convenience store business.
© 2021 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.