Haslams' lose Pilot to pull out of 40% sales nosedive since 2013 raid
The Haslams' lost control of their 60 year family business, Pilot Flying J.
Since the FBI and IRS raid on Pilot's headquarters on tax day, April 15, 2013, Pilot's sales have plummeted $12.5 billion, a nose dive of 40 per cent.
These facts were omitted from press releases earlier this month when Berkshire Hathaway bought majority control of Pilot Flying J. The Haslam are left with 20 per cent ownership.
Pilot, the Haslam family business admitted on July 11, 2013, to stealing $56 million from customers, cooking the books, and using verbal, rather than oral contracts to make theft easy.
Pilots' sales figures are from the Forbes' rankings of largest private companies. Forbes is a global media company specializing in business news for a hundred years.
According to Forbes, Pilot Flying J had revenues of $32.1 billion in 2013 and $19.6 billion in 2017.
In the Forbes' ranking of largest family businesses, Pilot lost their top ten ranking. They dropped to 15th this year. In 2013, they were ranked seventh.
Moody's Investment Service reported Pilot's annual revenues at $16.1 billion on Jan. 19th. Moody's is a credit rating service.
In its report dated Sept. 22, 2015, Moody's reported Pilot had annual sales of $31 billion.
CVC Capital Partners, an international private equity firm headquartered in Luxemburg, bought 47.5 per cent of Pilot in 2008. In a press release dated April 29, 2013, CVC said, "The Haslam family has demonstrated integrity and strong character in our dealings with the company."
Earlier this month, gross sales of $20 billion were reported in a press release dated October 5th by Berkshire Hathaway. This company is owned by Warren Buffett, one of the wealthiest men in the world according to Forbes.
CVC Capital Partners introduced the Haslams to Buffett who in turn bought out CVC's share of Pilot.
For Cleveland Browns' fans, things get worse. The team remains winless, the front office refused to deal for New England QB Jimmy Garoppolo, and the Haslams, Dee and Jimmy, still own the team.