Better known as Pilot Flying J, the company is the largest operator of truck stops and rest stops in North America, with 750 locations and more than $20 billion in revenue. The company is 15th on Forbes' list of America's largest private companies.
Berkshire will acquire a 38.6 percent equity stake in the family-owned company, which was founded by James Haslam in 1958 and has more than 27,000 employees. The Haslam family will hold a majority interest with 50.1 percent ownership. FJ Management, owned by the Maggelet family, will retain 11.3 percent ownership until 2023, when Berkshire will become the majority shareholder.
Jimmy Haslam, the founder's son, will remain CEO, and the company's headquarters will remain in Knoxville, Tennessee. He and his wife own the Cleveland Browns and his brother, Bill Haslam, is Tennessee's governor.