Are We There Yet?
Truck stops are about American as apple pie…and Buffett’s taking a big slice. Berkshire Hathaway acquired a 38.6% stake ($ amount wasn’t disclosed) in Pilot Flying J., the largest operator of travel centers in North America. Buffett plans to up his interest to 80% by 2023.
And he’s partnering with Midwestern royalty to do so: the founding Haslam family. Jimmy Haslam is Pilot’s CEO, and also the owner of the Cleveland Browns. Jimmy’s lil’ bro? Bill, the Governor of Tennessee.
You’re probably familiar with Pilot’s rest stops from the 40 oz soda and party-sized bag of Doritos you picked up on the way to Yosemite. It operates 750 locations across the U.S. and Canada, doing a healthy $20 billion+ in revenue. That makes it the 15th largest private company in the country.
With the investment, Buffett is going all-in on commercial goods transportation. He already owns BNSF Railway, one of the largest freight railroads in the U.S. with more than 32,000 miles of track across the fruited plain.
Sing along with Buffett: “America, America…”
(BroBible.com)
