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Investor in Jimmy Haslam’s Pilot prepares to sell stake

Bloomberg News

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CVC Capital Partners Ltd. told investors it plans to sell its remaining stake in Pilot Travel Centers LLC to the U.S. gas station operator’s majority owner.

CVC, Europe’s largest leveraged-buyout firm, may sell its remaining 20 percent stake in Pilot in two stages in January 2015 and June 2017 to the Haslam family’s Pilot Corp., according to a filing to investors that was seen by Bloomberg News.

Jimmy Haslam, who as well as owning the Cleveland Browns is Pilot Travel’s chief executive officer, didn’t immediately return a telephone call to his office seeking comment.

The private-equity firm expects the stakes will be valued at about seven times Pilot Travel’s average earnings over the previous two years, said two people with knowledge of the matter, who asked not to be identified because the information isn’t public.

Based on the gas stations’ current performance, the value of CVC’s holding would be more than $2 billion, one of the people said.


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