The Haslam family has completed its exit from the truck stop business, selling the remaining 20% stake of the Pilot Company to Berkshire Hathaway, as announced on Tuesday.
Why it matters: This deal concludes a transition initiated in 2017, when the Haslam family first reduced their stake in the company, signifying a major shift for the long-time family business.
Big picture: Pilot, a legacy of the trucking industry founded in 1958, has now transitioned entirely into the hands of Berkshire Hathaway, bringing an end to a long era of family ownership.
Flashback: Berkshire Hathaway first secured a majority stake in Pilot in 2017 for nearly $11 billion and has gradually moved to full ownership. Past jury disputes regarding business valuations saw both parties settling out of court earlier this month.
- The settlement avoided a potential trial featuring testimony by top Berkshire Hathaway executives.
- Pilot's leading role in the trucking industry, now under Berkshire's full ownership, remains crucial for truckers who rely on its vast network of over 750 travel centers across North America.
The bottom line: While this marks the end of the Haslam family's involvement, the move ensures that Pilot's significant role in supporting truckers and the wider transport industry will continue.
Truckers' perspective: The transition maintains the travel center network they depend on, despite skepticism around shifts in long-standing industry traditions.
What they're saying: Jim Haslam II, founder of Pilot, expressed pride in the company's evolution while affirming his family's ongoing commitment to Knoxville, Tennessee, and their philanthropic endeavors within the community.
Looking ahead: The impact of this acquisition on truckers, often wary of corporate changes, will be closely monitored as the industry continues to evolve.