James Haslam, CEO of Pilot Flying J, has claimed a higher stake in the truck stop by buying out the shares of CVC Capital Partners, according to The Wall Street Journal.
CVC Capital invested in Pilot Flying J back in 2008, according to a Pilot Flying J press release dated Sept. 30, 2008. The transaction coincided with Marathon Petroleum Co.’s sale of their stake in the travel centers.
CVC Capital acquired a 47.5 percent interest in Pilot Flying J in 2008 and has since sold much of that stake back to the Haslam family. The latest buyout allows the Haslams to reclaim CVC Capitals’s remaining stakes.
According to a Moody’s Investors Service report, CVC currently has about a 9 percent stake in the company. Before the recent buyout, CVC’s stake was down to 18 percent from the original 47.5 percent. CVC Capital earned more than four times what it initially invested, according to The Wall Street Journal.
When reached for comment, Pilot Flying J Spokesperson Anne LeZotte gave Land Line the following statement:
“Over the years, Pilot, now Pilot Flying J, has had multiple partnerships which began with the expectation of the partner exiting at some point. That time has come in Pilot Flying J's partnership with CVC, which has been a very satisfying relationship since 2008.”
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