What is Jimmy Haslam's Net Worth? Warren Buffet Invests In Pilot Flying J

Warren Buffet’s Berkshire Hathaway Inc (NYSE: BRK-A) will be buying a majority stake in Jimmy Haslam’s rest stop company Pilot Flying J, or Pilot Travel Centers LLC, the company's announced Tuesday. Berkshire Hathaway will acquire a 38.6 percent equity stake now, and then will acquire a majority stake in 2023. In the interim, the Haslam family will retain a 50.1 percent interest in the company.

Haslam is the CEO of the company and owner of the NFL team the Cleveland Browns. Haslam’s net worth is $3.6 billion, according to Forbes.

The rest stop company has over 750 locations in 44 states and Canada. The stops sell gas and diesel and have convenience stores. The shipping truck-friendly locations have 70,000 parking spots for trucks and 5,000 lanes in which to purchase diesel gas. The centers provide other amenities for truckers including showers, laundry and WiFi in some locations.

The company employs over 27,000 people and is the 15th largest private company in the U.S. The company does annual sales of around $19.6 billion, according to Forbes.

FJ Management Inc. will retain 11.3 percent ownership until 2023.

Berkshire Hathaway will acquire an additional 41.4 percent equity stake in 2023, giving it 80 percent ownership of the company, leaving the remaining 20 percent owned by the Haslam family.

Haslam and his management company will stay in charge of the company.

“Jimmy Haslam and his team have created an industry leader and a key enabler of the nation’s economy,” Buffett said in a statement Wednesday. “The company has a smart growth strategy in place and we look forward to a partnership that supports the trucking industry for years to come.”

Pilot Flying J ran afoul of federal investigators in 2013. The headquarters in Knoxville, Tennessee was raided by FBI and IRS in connection with the company withholding rebates for fuel from customers. The company was ordered to pay $92 million to settle the probe in 2014 and several executives were charged in connection with the scheme.

The Pilot Corporation was founded by Haslam’s father in 1958 and merged with the Flying J travel centers in 2010. Haslam’s brother, Bill, also a billionaire who used to be the company’s president, is not governor of Tennessee.