Private Equity Firm Takes 47.5% Stake in Pilot

Private equity firm CVC Capital Partners will acquire a 47.5% interest in Pilot Travel Centers forming an equal governance partnership with parent company Pilot Corp., the companies said.

CVC’s investment, and the new ownership structure under which Pilot Corp. will own 52.5% of Pilot Travel Centers facilitates the sale by Marathon Oil Corp. of its interest in PTC, which it has held since PTC was formed in 2001.

Pilot Corp. is owned by the Haslam family and PTC’s current management, led by CEO James Haslam III, will continue to manage the business, the companies said. The transaction is expected to close this month.

Pilot Travel Centers operates the largest travel center network in the United States, with 305 locations in 40 states and one in Ontario, Canada, and also licenses 18 locations in four states.