Warren Buffett has a history of buying companies you’d never expect would capture his interest. His latest is a doozy, though.
Buffett’s Berkshire Hathaway has agreed to purchase a stake in Pilot Travel Centers, the owners of the Pilot Flying J chain of truck stops, and become the majority owner over a six-year period. Terms of the deal were not disclosed.
“Pilot Flying J is built on a longstanding tradition of excellence and an unrivaled commitment to serving North America’s drivers,” Buffett said in a release. “Jimmy Haslam and his team have created an industry leader and a key enabler of the nation’s economy. 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.”
The chain has 750 locations across the U.S. and Canada and boasts annual revenues of $20 billion. Berkshire Hathaway will initially acquire a 38.6% stake in the company, slowly buying more shares in the following years.
Beyond truck stops, Buffett’s unexpected investments include companies such as Duracell, the Pampered Chef, See’s Candies and toy/party supply company Oriental Trading Co.