Berkshire Hathaway’s acquisition of the majority ownership of the Pilot Corporation, which is scheduled to be completed by 2024, will not include 40 of Pilot’s convenience stores. The stores have been sold to Casey’s General Stores, Inc. for $220 million in an all-cash transaction.
Pilot’s convenience stores are owned and operated independently from its travel center and energy businesses and were not included in the Berkshire Hathaway transaction.
In 2017, Berkshire took a 38.6% stake in Pilot, the largest operator of truck stops and rest stops in North America. The company has 750 locations under the Pilot and Flying J brands.
Berkshire is purchasing its equity position from the Haslam family, and Jimmy Haslam, the son of the company’s founder Jim Haslam, will remain in charge when the acquisition is completed. Pilot is currently ranked No. 10 on Forbes’ list of America’s Largest Private Companies.
The 40 Pilot stores will extend Casey’s presence in Tennessee and Kentucky with well-established locations primarily in the attractive Knoxville, Tennessee, market.
© 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.