White & Case Advises Pilot Flying J on Significant Minority Investment by Warren Buffett's Berkshire Hathaway
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Global law firm White & Case LLP announced today that it has advised Pilot Flying J and its shareholders, the Haslam Family, on the investment in a significant minority stake by Berkshire Hathaway.
Berkshire Hathaway, the listed multinational conglomerate chaired by Warren Buffett, will acquire a 38.6 percent equity stake in the company, while the Haslam family will continue to own a majority of Pilot Flying J. In 2023, Berkshire will become the majority shareholder by holding an 80 percent equity stake and the Haslam family will retain 20 percent ownership in the company and remain involved with Pilot Flying J. The investment will provide a platform for Pilot Flying J's growth opportunities.
Pilot Flying J, headquartered in Knoxville, Tennessee, is the largest operator of travel centers in North America, with more than 27,000 team members and 750 locations across the US and Canada, and more than US$20 billion in revenues.
The White & Case team that advised on the transaction was led by partner Oliver Brahmst, with support from partners Dan Latham, J. William Dantzler, Holt Goddard and Rebecca Farrington, as well as associates Adam Cieply, Daniel Kozin, Mecaila Chapman, Kathrin Schwesinger, Jordan Kobb, Lauren Kim and Isaac Tendler.
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