James Haslam, CEO of Pilot Flying J, has bought out all of his company’s shares from CVC Capital Partners Ltd, according to a report from The Wall Street Journal. His family was also involved in helping him purchase the shares.
While the move has not been directly tied to the fuel rebate scandal that took place in 2013, CVC has been telling its investors that it wanted to end its partnership with Pilot since December of that year.
In 2014, Pilot agreed to pay $92 million in penalties and accepted responsibility for the criminal action of its employees in the fuel rebate scandal.
A spokeswoman for Pilot said that the deal was business as usual: “Over the years, Pilot, now Pilot Flying J, has had multiple partnerships, which began with the expectation of the partner exiting at some point.”
In 2008, CVC bought 47.5% of Pilot’s shares, but it later reduced its holdings to less than 20%.
The Wall Street Journal