The Knoxville-based Pilot Corporation will sell dozens off convenience store locations and two truck stops in Tennessee and Kentucky.
On Tuesday morning, Casey’s General Stores, Inc. announced an agreement with Pilot to purchase 40 stores located in Tennessee and Kentucky for $220 million.
The transaction includes 38 convenience stores and two travel centers (truck stops) located in Nashville and Middlesboro, Kentucky, that are owned by the Haslam family, not the Pilot Corporation, according to KnoxNews.
In 2017, Warren Buffett’s Berkshire Hathaway invested in Pilot and currently owns a 38.6% share with plans to assume a majority share of the company by 2023. Pilot convenience stores were not a part of the Berkshire Hathaway transaction and remained part of a separate corporation under the control of the Haslam family.
“Casey’s is a great convenience store chain that shares similar values as Pilot and we couldn’t be more excited for what they will bring to the community,” said Pilot Company Chairman Jimmy Haslam. “We are very thankful for the tremendous service our team members have provided and know they will be in great hands with Casey’s. Pilot and the Haslam family will always be committed to the Knoxville community, our philanthropic efforts and being a top employer in the region. The company will continue our intense focus on growing our core travel center network and energy businesses with significant investments in our people and our stores to provide the best team member and guest experience at our more than 800 locations across North America.”
“These stores have a track record of strong performance, and are high quality assets that will be a great fit for Casey’s fresh food program, especially our handmade pizza,” said Darren Rebelez, President and Chief Executive Officer at Casey’s. “We look forward to carrying forward these Haslam family legacy stores and welcoming their team.”
Casey’s was founded in Iowa in 1968 and currently operates more than 2,300 convenience stores, making them the third largest convenience store retailer in the U.S.