FOR IMMEDIATE RELEASE
September 30, 2008
For More Information,
Contact: Cynthia Moxley
CVC Capital Partners Acquires Interest in Pilot; Company Replaces Marathon Petroleum in Deal
Pilot Corporation announced that CVC Capital Partners will acquire a 47.5 percent interest in Pilot Travel Centers (PTC). Pilot Corporation will own 52.5 percent of PTC. Pilot's convenience store operations will continue to be 100 percent owned by Pilot Corporation. The current management, led by CEO James A. Haslam III, will continue to manage the business on a day-to-day basis. CVC's investment facilitates the sale by Marathon Petroleum Company (formerly Marathon Ashland Petroleum) of its interest in PTC, which it has held since PTC was formed in 2001.
PTC operates the largest travel center network in the United States with 305 locations in 40 states and one in Ontario, Canada. The company also licenses 18 locations in four states. PTC plays an important role in U.S. transportation fuels infrastructure, supplying approximately 10% of the on road truck diesel consumed in the U.S., making PTC the largest fuel supplier to the trucking industry.
Founded in 1981, CVC Capital Partners is a leading international private equity firm with $45 billion under management spanning 19 offices across Europe, Asia and the United States of America.
"Pilot has become the industry leader by growing organically and through acquisition," noted Christopher J. Stadler, managing partner in charge of CVC's U.S. business. "They have world class management systems and fuel supply infrastructure, which has led to strong operating performance in all market conditions. We look forward to a long and rewarding partnership with PTC's management and the Haslam family."
"We believe our partnership with CVC will enable Pilot Travel Centers to remain a vibrant, growing entity and to capitalize on opportunities our industry will present over the next few years," said Haslam. "We are very excited to work with Chris Stadler and his partners at CVC."
About Pilot Flying J
Pilot Flying J, the largest operator of travel centers and travel plazas in North America, is committed to making life better for professional drivers. Headquartered in Knoxville, Tenn., Pilot Flying J has more than 650 retail locations. The Pilot Flying J network provides drivers with access to more than 65,000 parking spaces for trucks, 4,400 showers and more than 4,000 diesel lanes offering Diesel Exhaust Fluid (DEF) at the pump. Pilot Flying J is currently ranked No. 7 on Forbes' list of America's Largest Private Companies. Visit www.pilotflyingj.com for more information.