Warren Buffett's Berkshire Hathaway just made a big bet on truck stops

Billionaire investor Warren Buffett's Berkshire Hathaway purchased a stake in Pilot Travel Centers, which owns the Pilot Flying J chain of truck stops.

The investment behemoth agreed to acquire 38.6% of Pilot Flying J, and outlined plans to become the company's biggest shareholder over a six-year period in a release on Tuesday morning.

For the time being, Cleveland Browns owner Jimmy Haslam's family will remain as the majority shareholder, while Haslam will stay as CEO. In addition, the Maggelet family will keep 11.3% ownership until 2023, at which point Berkshire will take over the majority stake.

"Pilot Flying J is built on a longstanding tradition of excellence and an unrivaled commitment to serving North America's drivers," Buffett, the chairman, president and CEO of Berkshire Hathaway, said in the release. "Jimmy Haslam and his team have created an industry leader and a key enabler of the nation's economy. The company has a smart growth strategy in place and we look forward to a partnership that supports the trucking industry for years to come."

Pilot Flying J is the largest operator of travel centers in North America, with more than 27,000 employees, 750 locations across the US and Canada, and more than $20 billion in annual revenue.

BDT & Company advised the company and, as part of the deal, BDT Capital Partners exited its minority investment in Pilot Flying J.

"Given the impeccable reputation of Warren Buffett's Berkshire Hathaway, and our shared vision and values, we decided this was an ideal opportunity," Haslam said in a public statement. "As a family business that has evolved and prospered over the last six decades, we knew that any potential partner would need to share our commitment and have a proven track record as a long-term investor.