Jimmy Haslam Net Worth: Warren Buffett's Berkshire Hathaway Acquires Stake in Pilot Flying J
Warren Buffett's Berkshire Hathaway is acquiring a stake in Jimmy Haslam's Pilot Travel Centers, also known as Pilot Flying J.
According to CNBC, Buffett's conglomerate will obtain a 38.6 percent equity stake in Pilot Flying J, the largest operator of truck stops and rest stops in North America. The company was founded in 1958 by James Haslam, whose family will retain a majority interest of 50.1 percent ownership.
The Maggelet family's FJ Management will stick to their 11.3 percent ownership, which they have until 2023. Once that year arrives, Berkshire Hathaway will take over the company as the majority shareholder.
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"Jimmy Haslam and his team have created an industry leader and a key enabler of the nation's economy," Buffett said in a statement. He also added, "The Company has a smart growth strategy in place and we look forward to a partnership that supports the trucking industry for years to come."
Pilot Flying J is ranked as one of America's largest private companies, taking the 15th spot on Forbes' list. It has 750 locations, over 27,000 employees and more than $20 billion in revenue.
According to Forbes, Haslam's net worth as of Oct. 3, 2017 is $3.6 billion. Apart from being the CEO of Pilot Flying J, Haslam also owns the Cleveland Browns, which he bought for around $990 million back in 2012.
Pilot Flying J may be operating well now, but it was not always that way. Back in July 2014, the company admitted to defrauding its customers and paid a $92 million settlement with the Department of Justice, as a result. Haslam then rebuilt the company, and it looks like his hard work paid off.
Haslam comes from a well-known family. Aside from his father establishing Pilot Flying J, his brother Bill is also accomplished. Bill was the president of the company until 1999 and subsequently went into politics. He became the governor of Tennessee in 2010. Haslam's wife, Dee, serves as CEO of RIVR Media.
Despite Berkshire Hathaway's purchase, Haslam will retain his position as CEO of Pilot Flying J. The company's headquarters will also remain in Knoxville, Tennessee.
