Pilot’s drop in profits led to lower valuation in final Berkshire purchase

The final tranche of Pilot Travel Centers purchased by Berkshire Hathaway appears to have put the enterprise value of the travel center chain significantly lower than it was just a year earlier.

In the company’s 10-K report filed with the Securities and Exchange Commission over the weekend, Berkshire Hathaway revealed that it had paid $2.6 billion for the final 20% of Pilot it did not already own. That would give Pilot an enterprise value of $13 billion.

But in the first quarter of 2023,...

https://www.freightwaves.com/news/pilots-drop-in-profits-led-to-lower-valuation-in-final-berkshire-purchase

Haslam payments to Pilot execs won’t be issue in Berkshire Hathaway trial

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The legal battle between the Haslam family and Berkshire Hathaway over the valuation of Pilot Travel...

https://www.freightwaves.com/news/haslam-payments-to-pilot-execs-wont-be-issue-in-berkshire-hathaway-trial

Truck parking expansion money still elusive on Capitol Hill

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WASHINGTON — Despite receiving more attention than ever from the trucking industry and the Biden...

https://www.freightwaves.com/news/truck-parking-expansion-money-still-elusive-on-capitol-hill

Haslam family sues Berkshire over valuing of final chunk of Pilot

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The fate of the final 20% of Pilot Travel Centers not owned by Berkshire Hathaway and still in...

https://www.freightwaves.com/news/haslam-family-sues-berkshire-over-valuing-of-final-chunk-of-pilot

TA directors advise rejection of higher bid, sticking with BP as buyer

An unsolicited offer from an unidentified prospective buyer of Travel Centers of America is getting a thumbs-down from TA’s directors, advising shareholders to approve BP’s bid for the truck stop operator.

In the company’s proxy filing Wednesday with the Securities and Exchange Commission, which among other things spells out various items required for shareholder approval, TA (NASDAQ: TA) revealed that it received a bid for the company on March 14. The identity of Party G was not disclosed, only...

Loaded and Rolling: Trucking and CPG sales, White House freight data exchange

Truck drivers as a driver of CPG sales
(Photo: Jim Allen/FreightWaves)

I was recently  tasked with filling in as a temporary expert for The Stockout newsletter. It turns out that drivers are conveniently placed at truck stops that offer a litany of consumer packaged goods. Can you name one sector that has outperformed the S&P 500 by about 3,100 basis points (bps) year to date? It turns out the convenience store (C-store) industry is that sector. This sector for CPG is noted as a less...

https://www.freightwaves.com/news/loaded-and-rolling-trucking-and-cpg-sales-white-house-freight-data-exchange

Truck Tech: ArcLight’s next act edition

Blue Truck Tech logo

Don’t tell ArcLight Capital Partners that clean energy transport companies are out of favor. The SPAC sponsor of electric bus and charging infrastructure developer Proterra is investing $50 million in electric trucks as a service near Los Angeles International Airport while preparing for a shareholder vote next week on taking renewable natural gas developer Opal Fuels public.

Investing after SPACs

With one SPAC complete and another up for shareholder vote next week, ArcLight Capital Partners is...

https://www.freightwaves.com/news/truck-tech-arclights-next-act-edition

Planning early the only way to ensure a parking spot

It’s late and you’ve had a long day — time to call it a night. Thankfully, a couple of truck stops are just ahead.

Much like a sailor spotting land, the first sight of tall, illuminated signs down a highway is a welcoming beacon for weary drivers. You know that just below the cluster of lights wait a warm shower, hearty meal and good night’s rest.

But upon arrival, relief quickly turns to dread as the lot is full. You try the truck stop next door, but it’s crowded as well. What was to be an...

https://www.freightwaves.com/news/planning-early-the-only-way-to-ensure-a-parking-spot

DOT unlocks money for clean-truck parking capacity

Aerial view of parked trucks.

The Biden administration wants to leverage funds from a new pot of $6.4 billion earmarked for pollution-cutting transportation projects to boost much-needed truck parking capacity across the country.

The money will flow to individual states through the U.S. Department of Transportation’s Carbon Reduction Program (CRP), administered by the Federal Highway Administration. The five-year program was authorized by the federal infrastructure law signed by President Joe Biden last year.

State5-year...

https://www.freightwaves.com/news/dot-unlocks-money-for-clean-truck-parking-capacity

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