PILOT CORPORATION ANNOUNCES SALE OF REMAINING INTEREST IN PILOT TRAVEL CENTERS

KNOXVILLE, Tenn., Jan. 16, 2024 /PRNewswire/ -- The Haslam Family announced today that Pilot Corporation (the "Company") closed the sale of its remaining 20% interest in Pilot Travel Centers, LLC to Berkshire Hathaway Inc.

Pilot was founded in Gate City, Virginia in 1958 by Jim Haslam II. Over the last six decades and with the support of countless team members who have partnered with the Haslam family during that period, the Company's network expanded rapidly through organic growth as well as through a series of strategic transactions, including with Marathon Ashland Petroleum, Williams, Speedway, Mr. Fuel, Speedway-Wilco, and the merger of Pilot Travel Centers with Flying J in 2010. Today, the Company is the largest operator of travel centers in North America with more than 750 locations across 44 states and six Canadian provinces, selling ~14bn gallons of fuel a year, and ~$3bn in food and merchandise. Prior to the sale, Pilot Flying J was the 5th largest private company in the US.

"Pilot started with one gas station 65 years ago, and because of the dedicated and exceptional team members we have had throughout our history, it is now an industry leader," said Jim Haslam II, founder of Pilot Travel Centers. "While this has certainly been an emotional decision for us, it is one we felt was right for our family at this time. We look forward to continuing to support our life-long home of Knoxville, Tennessee, and to furthering our deep commitment and philanthropy throughout the region that we all love."

"As a family business, it is humbling to think of all of the team members who have been a part of Pilot Flying J and we are beyond grateful for their commitment and contributions over the years," added Jimmy Haslam, CEO and Chairman of Pilot Corporation. "We also have profound appreciation for all of the guests, professional drivers, and trucking companies who have supported Pilot Flying J as they have been a key part of the evolution and growth of this dynamic industry over the last six decades. We will always consider the Pilot Flying J team as family, and we wish them success as they continue to develop the best travel center network in North America and keep America moving."

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SOURCE Pilot Corporation