FJ Management Inc.,[1] formerly known as Flying J Inc., is a privately held American corporation which operates convenience stores (under the Maverik brand), oil and refining, banking, and insurance businesses.
 | |
| Company type | Private |
|---|---|
| Industry | truck stop, convenience store, petroleum, restaurant |
| Founded | 1968 |
| Headquarters | Salt Lake City, Utah, United States |
| Website | fjmgt |
Along with Pilot Corporation and Berkshire Hathaway,[2] it was a joint-owner of Pilot Flying J, the largest truck stop chain in the United States.
History
editThe company was founded in 1968 by O. Jay Call and headquartered in Ogden, Utah. A lifelong fan of aviation, Call named it Flying J in honor of the aviation industry.[3] Mr. Call, his wife, Irene, and Richard "Buzz" Germer died while piloting a Cessna Citation en route to Sun Valley in March 2003.[4]
The company ranked 13th on Forbes' 2009 list of the largest privately held companies in the U.S.with 2008 revenues of approximately $18.00 billion.[5]
It sought Chapter 11 (reorganization) bankruptcy protection in December 2008, blaming its financial woes on the collapse in oil prices and tighter credit markets. Pre-bankruptcy, Flying J was the largest retailer of diesel fuel in North America with approximately 220 locations in the United States and Canada and 15,000 employees. The company produces and refines petroleum products for its truck stops. The company also offers vehicle maintenance, banking, insurance and telecommunications services for the trucking industry, and a number of restaurants at its locations.
The company had record sales for a privately held company in the industry of $18.0 billion in 2008, but later climbing prices for crude oil and a crumbling demand for gasoline eroded margins and affected cash flow.[6] The company's plans for travel plazas have occasionally met opposition from local residents concerned about traffic safety and other issues.[7][8] In 2006 Flying J associated with Shell Canada to improve highway services in Canada.[9]
Pilot merger
editIn July 2009, Pilot Travel Centers agreed to acquire Flying J's travel stops.[10] As part of the deal, Pilot will keep the Flying J name on existing locations as opposed to converting them to the Pilot brand, while the in-house Flying J restaurants will be replaced by national chains like Denny's.[11] The merged entity is called Pilot Flying J.
In June 2010, Flying J put forth a Chapter 11 plan to repay all creditors in full from the proceeds of the sale of its 250 travel plazas to Pilot, for a combination of cash and stock valued at $1.6 billion. Under Flying J's plan, its lenders and creditors will be paid in cash, and its owners, whose numbers include members of the company's founding Call family, will retain all the equity in a scaled-down Flying J. As of July 2010, hearings on the plan continue under Judge Mary F. Walrath of the U.S. Bankruptcy Court in Wilmington, Delaware.[12] Flying J's oil and refining, banking, and insurance businesses will remain separate from the combined Pilot Flying J.[13] To avoid confusion with the merged travel center business, Flying J Inc. renamed itself FJ Management Inc..[1] Since the merger, Pilot Flying J has continued to open new locations with the Flying J name (in addition to the Pilot name), bringing in locations with the Flying J brand that had no association with the legacy Flying J before the merger.
To settle antitrust concerns, six Flying J locations as well as 20 Pilot locations were sold to Love's Travel Stops & Country Stores on June 30, 2010.[14]
On October 3, 2017, it was announced that Berkshire Hathaway would acquire a 38.6% stake in Pilot Flying J, with plans to increase the stake to 80% by 2023. The Haslam family's stake will be reduced to 20% at that time, while FJ Management will sell its stake altogether.[2]
Re-entry into convenience store market
editOn October 4, 2012, FJ Management re-entered the convenience store market with its purchase of Maverik Inc., a gas station/convenience store chain headquartered in Salt Lake City, Utah.[15] The company was founded in 1928 by Jay Call's uncle, Reuel Call, in Afton, Wyoming.[16]
In April 2023, FJ Management acquired Kum & Go and Solar Transport from Krause Group.[17][18][19]
In May 2024, Maverik announced plans to open its first Kansas location in Edgerton.[20]
As of October 2024, Maverik has more than 400 locations across 13 states, making it the largest independent fuel marketer in the Intermountain West.[21]
References
edit- ^ a b http://www.flyingj.com/flyingjPortalWebProject/flyingjPortal.portal?_nfpb=true&_pageLabel=flyingjPortal_portal_page_26_page_27&_subpage=21[permanent dead link]
- ^ a b NathanBomey. "Warren Buffett's Berkshire Hathaway acquiring majority stake in Pilot Flying J truck stops". USA TODAY.
- ^ "Pilot Flying J Merger - PTC Challenge". Archived from the original on 2011-07-15. Retrieved 2010-08-05.
- ^ "Flying J founder dies". DeseretNews.com. 17 March 2003.
- ^ "America's Largest Private Companies". Forbes. 2009-10-28.
- ^ "America's Largest Private Companies". Forbes. 2009-10-28.
- ^ Myron Kukla (2007-02-08). "Residents want Flying J to go away". Grand Rapids Press. Archived from the original on 2007-09-30. Retrieved 2007-02-14.
- ^ Ryan Lengerich (2007-01-19). "New Haven will ask state's high court to take Flying J case". Bradenton Herald. Retrieved 2007-02-14. [dead link]
- ^ "Flying J and Shell Canada Announce Partnership" (PDF). Flying J Inc. 2006-09-07. Archived from the original (PDF) on June 25, 2008. Retrieved 2007-10-31.
- ^ Duncan Mansfield (2009-07-14). "Pilot to acquire Flying J's 250 travel centers". Associated Press. Retrieved 2009-07-15.[dead link]
- ^ "Denny's to open at Flying J in Pasco". Archived from the original on 2012-10-07. Retrieved 2010-08-31.
- ^ "'Hot Fuel' Claimant Balks At Flying J Bankruptcy-Exit Plan". The Wall Street Journal. 2010-06-28. [dead link]
- ^ "Topics | Standard-Examiner". Archived from the original on 2017-06-30. Retrieved 2010-07-01.
- ^ "Pilot, Flying J Finalize Merger - Business Focus - Convenience Store News". Archived from the original on 2012-07-12. Retrieved 2011-07-26.
- ^ "Maverik Acquires Best Stop Convenience Stores". Convenience Store News. September 26, 2018.
- ^ Jean, Renée (2023-09-05). "Wyoming-Born Maverik Rebrands 400 Kum & Go Stores In Wake Of Sale". Cowboy State Daily. Retrieved 2023-09-06.
- ^ Boland, Taylor (2023-04-21). "Maverik – Adventure's First Stop to Acquire Kum & Go and Solar Transport from Krause Group". Kum & Go. Retrieved 2023-04-24.
- ^ "Maverik acquires Kum & Go to expand convenience stores into Midwest". FOX 13 News Utah (KSTU). 2023-04-21. Retrieved 2023-04-24.
- ^ Williams, Carter; Aug. 29, KSL com | Posted-; P.m, 2023 at 7:08. "Kum & Go's Utah locations to be rebranded as Maverik gas stations". www.ksl.com. Retrieved 2023-08-30.
{{cite web}}: CS1 maint: numeric names: authors list (link) - ^ "City of Edgerton to get new major travel center, gas station off I-35". kctv5.com. 10 May 2024. Retrieved 2024-05-12.
- ^ . Maverik Inc. https://maverik.com. Retrieved 2024-10-13.
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