Buffett’s Berkshire Hathaway Buys Stake in Pilot Flying J

Warren Buffett’s Berkshire Hathaway Inc. bought a stake in Pilot Travel Centers LLC, owner of the Pilot Flying J truck stop chain, and detailed plans to become the company’s biggest shareholder in six years.

Berkshire Hathaway agreed to acquire 38.6 percent of Pilot Flying J, a closely held company based in Knoxville, Tenn., according to a statement Oct. 3. The Haslam family will continue for now to hold the majority of Pilot Flying J, with Cleveland Browns owner Jimmy Haslam remaining as chief executive officer of the company.

The Maggelet family’s FJ Management Inc. will keep its 11.3 percent stake ...