Biglari Holdings

Last updated
Biglari Holdings Inc.
Company type Public
NYSE:  BH.A (Class A)
NYSE:  BH (Class B)
S&P 600 Component (BH)
Russell 2000 Index Component (BH.A)
Industry Conglomerate
Headquarters San Antonio, Texas, United States
Key people
Sardar Biglari (Founder)
Subsidiaries Steak 'n Shake
Western Sizzlin'
Maxim
First Guard Insurance
Website www.biglariholdings.com

Biglari Holdings Inc. is an American holding company headquartered in San Antonio, Texas, founded by entrepreneur Sardar Biglari. Its subsidiaries include Steak 'n Shake, Maxim magazine, First Guard Insurance, Southern Pioneer Insurance, Southern Oil, Abraxas Petroleum and Western Sizzlin'.

Contents

Steak n Shake

In August 2008, Biglari took over Steak n Shake, which had been “losing more than $100,000 a day in 2009 to making more than $100,000 a day in 2010, according to Biglari’s 2010 letter to shareholders.” [1] By 2015, the company had attained 24 consecutive quarters of same-store sales increases under Biglari. [2] However, for fiscal 2017 and 2018, the Steak n Shake division had returned to same-store sales contraction. [3] The company is now selling “franchises” claiming they will split profits 50% / 50% with the investors who put in $10,000.

Maxim

On February 27, 2014, Maxim magazine was bought by Biglari who commented, "We plan to build the business on multiple dimensions, thereby energizing our readership and viewership." [4] In January 2016, Biglari officially took over as editor-in-chief of Maxim, though a Maxim staffer said that the new masthead title just formalizes what has always been clear: Biglari exercises full editorial control over Maxim. At one point last year, the staffer said, he decided to throw out a nearly complete version of the December issue in order to completely redesign the magazine. [5] On January 13, 2016, Gilles Bensimon joined Biglari as a special creative director. "What drew me to Maxim was Sardar's vision for the brand," said Bensimon. [6]

First Guard Insurance

On March 19, 2014, Biglari purchased First Guard Insurance Company. First Guard Founder and CEO Ed Campbell said: "I couldn't imagine a better, more fitting owner of First Guard." [7]

Southern Pioneer Property and Casualty Insurance

In 2020, Biglari acquired Southern Pioneer Property & Casualty Insurance Co. from the Hyneman family who will continue to operate the company. Since 1981, Southern Pioneer has grown from $500,000 in capital and surplus and zero premium to over $18,000,000 capital and surplus with written premium in excess of $24,000,000 in 2015. [8]

Oil and gas operations

In September 2019, Biglari acquired Southern Oil of Louisiana Inc. for $51.5 million. [9]

In 2022, Biglari acquired 90% of the voting power of San Antonio-based Abraxas Petroleum for $80 million. [10]

Jack in the Box

Biglari owns 1.1 million shares of Jack in the Box indicating an ownership of more than 5.5% of the company. [11]

Ferrari

In 2022, Biglari acquired 360,000 shares of Ferrari. [12] By 2023, the ownership had grown to 402,000 shares with a market value of $135 million dollars. [13]

Related Research Articles

<i>Maxim</i> (magazine) British mens magazine, founded 1995

Maxim is an international men's magazine, devised and launched in the United Kingdom in 1995, but based in New York City since 1997, and prominent for its photography of actors, singers and female models whose careers are at a current peak. Maxim has a circulation of about 9 million readers each month. Maxim Digital reaches more than 4 million unique viewers each month. Maxim magazine publishes 16 editions, sold in 75 countries worldwide.

<span class="mw-page-title-main">Tesoro Corporation</span> American energy company

Tesoro Corporation, known briefly as Andeavor, was a Fortune 100 and a Fortune Global 500 company headquartered in San Antonio, Texas, with 2017 annual revenues of $35 billion, and over 14,000 employees worldwide. Based on 2017 revenue, the company ranked No. 90 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.

The United Services Automobile Association (USAA) is an American financial services company providing insurance and banking products exclusively to members of the military, veterans and their families. It was founded in 1922 in San Antonio, Texas, by a group of 25 U.S. Army officers as a mechanism for mutual self-insurance, when they were unable to secure auto insurance because of the perception that they, as military officers, were a high-risk group.

<span class="mw-page-title-main">Comerica</span> American financial services company

Comerica Incorporated is an American financial services company, headquartered in Dallas, Texas. It is the parent of Comerica Bank, a regional commercial bank with 413 branches in the U.S. states of Texas, Michigan, California, Florida and Arizona. Comerica is among the largest U.S. financial holding companies, with offices in a number of U.S. cities.

<span class="mw-page-title-main">Steak 'n Shake</span> American restaurant chain

Steak 'n Shake Operations, Inc., doing business as Steak 'n Shake, is an American casual restaurant chain concentrated primarily in the Midwestern United States with locations also in the South, Mid-Atlantic, Western United States, Europe, and the Middle East. The company is headquartered in Indianapolis, Indiana, and is a wholly owned subsidiary of Biglari Holdings. As of 2018, 628 Steak 'n Shake restaurants were in operation; of those 414 were corporate-owned, and 214 franchised. The company has since attempted to convert to a fully franchised model.

<span class="mw-page-title-main">Landry's</span> American restaurant company

Landry's, Inc., is a privately held American multi-brand dining, hospitality, entertainment, and gaming corporation headquartered in Houston, Texas. Landry's, Inc., owns and operates more than 600 restaurants, hotels, casinos, and entertainment destinations in 35 U.S. states and the District of Columbia. The company also owns and operates numerous international locations. The company is owned by President & CEO Tilman Fertitta.

<span class="mw-page-title-main">Seven & I Holdings</span> Japanese retail company

Seven & i Holdings Co., Ltd. (株式会社セブン&アイ・ホールディングス) is a Japanese diversified retail holdings company headquartered in Nibanchō, Chiyoda, Tokyo. On September 1, 2005, it was established as a result of the integration of three companies: Ito-Yokado, Seven-Eleven Japan, and Denny's Japan. The purpose of this establishment was to create a holding company that would own these three companies. The background behind this decision was that the parent company, Ito-Yokado, was facing deteriorating performance, while its subsidiary, Seven-Eleven Japan, was experiencing growth in both sales and profits and was performing well.

Clear Channel Outdoor Holdings, Inc. is a multinational corporation focused on outdoor advertising. The company is based in San Antonio, Texas.

Parexel International is an American provider of biopharmaceutical services. It conducts clinical trials on behalf of its pharmaceutical clients to expedite the drug approval process. It is the second largest clinical research organization in the world and has helped develop approximately 95% of the 200 top-selling biopharmaceuticals on the market today. The company publishes the annual Parexel R&D Statistical Sourcebook and operates the Parexel-Academy.

Nine West Holdings is an American designer, marketer and wholesaler of branded clothing, shoes and accessories. In 2019, the company restructured under the new name Premier Brands Group Holdings Llc.

<span class="mw-page-title-main">WesBanco</span> American bank holding company

WesBanco, Inc., is a bank holding company headquartered in Wheeling, West Virginia, United States. It has over 200 branches in West Virginia, Ohio, Western Pennsylvania, Kentucky, Maryland, and Southern Indiana.

HD Supply Holdings, Inc. is an industrial distributor in North America. The company provides a broad range of products and value-added services to approximately 250,000 professional customers in maintenance, repair and operations, infrastructure and power and specialty construction sectors. The company was re-acquired by The Home Depot in December 2020.

Internet America was an Internet service provider that operated in Texas. In 2015, it was acquired by JAB Broadband and folded into Rise Broadband.

Sardar Biglari is an American entrepreneur and is the founder, chairman and CEO of Biglari Holdings, a holding company that trades on the New York Stock Exchange under the symbol BH. Biglari controls the Steak 'n Shake Company, First Guard Insurance, Abraxas Petroleum, Maxim, Southern Oil of Louisiana, Southern Pioneer Insurance and the Western Sizzlin' corporation, which are subsidiaries of Biglari Holdings. Biglari is also founder, chairman and CEO of Biglari Capital, the general partner to The Lion Fund.

<span class="mw-page-title-main">AirMed International</span> Air ambulance service

AirMed International, LLC, based in Birmingham, Alabama, is aa FAA-approved fee-for-service air ambulance airline. AirMed holds accreditation from the Commission on Accreditation of Medical Transport Systems (CAMTS) and the European Aero-medical Institute, and is an accredited service provider with the International Assistance Group (IAG).

SPB Hospitality is a multi-brand restaurant operator headquartered in Houston, Texas. The company owns several casual dining restaurant chain brands, including Logan's Roadhouse, Old Chicago Pizza + Taproom, J. Alexander's, Stoney River Steak House, Krystal Restaurants, Gordon Biersch Brewery Restaurants, and Rock Bottom Restaurants Breweries. As of November 2019, CraftWorks owned and operated over 390 restaurants in the United States, but all of its owned-and-operated locations closed by March 2020, after a Chapter 11 bankruptcy followed immediately by the COVID-19 pandemic in the United States, and CraftWorks terminated its 18,000 employees, leaving fewer than 25 employed. On June 12, 2020, SPB Hospitality purchased Craftworks businesses out of bankruptcy for $93 million.

Marketo, Inc. is an American software company, with its headquarters in San Mateo, California. Marketo develops and sells marketing automation software for account-based marketing and other marketing services and products, including SEO and content creation.

<span class="mw-page-title-main">Western Sizzlin'</span> American restaurant chain

Western Sizzlin’, stylized as WesterN SizzliN, is a chain of privately held and publicly held retail buffet restaurants and steakhouses, with its headquarters in Roanoke, Virginia. The company has 46 franchise establishments located across 13 U.S. states generally in the southeast. It is a subsidiary of Biglari Holdings which is controlled by Iranian American businessman Sardar Biglari. The Western Sizzlin' business model was conceived in 1962, by Nick Pascarella, and founded the same year in Augusta, Georgia as: WesterN SizzliN Steak & More Restaurant. In conceiving the business, Pasceralla reasoned that, "If searing the bottom of the steak made it juicy, adding flames to the top would make them twice as good."; leading to its renowned searing process trademarked as the FlameKist steak.

<span class="mw-page-title-main">Argo Group</span> Bermuda-based insurance underwriter

Argo Group International Holdings, Inc, or Argo Group, is a U.S.-based underwriter of specialty insurance products in the property and casualty market.

<span class="mw-page-title-main">Cracker Barrel</span> American restaurant company

Cracker Barrel Old Country Store, Inc., trading as Cracker Barrel, is an American chain of restaurant and gift stores with a Southern country theme. The company's headquarters are in Lebanon, Tennessee, where Cracker Barrel was founded by Dan Evins and Tommy Lowe in 1969. The chain's early locations were positioned near Interstate Highway exits in the Southeastern and Midwestern United States, but expanded across the country during the 1990s and 2000s. As of August 10, 2023, the company operates 660 stores in 45 states.

References

  1. "Who is Sardar Biglari? - QSR magazine". Archived from the original on 2016-01-29. Retrieved 2016-01-22.
  2. "Steak 'n Shake Achieves 24th Consecutive Quarter Of Same-Store Sales Growth". Prnewswire.com (Press release). Retrieved 2017-06-23.
  3. "Biglari Holdings Form 10-K". Securities and Exchange Commission. Biglari Holdings. Retrieved 19 May 2019.
  4. Jefferson, Greg (2014-03-07). "Biglari's 'Maxim' purchase is a classic 'alpha-dog' move – San Antonio Express-News". Expressnews.com. Retrieved 2017-06-23.
  5. Sterne, Peter (2016-01-08). "Maxim to name owner Sardar Biglari editor in chief- POLITICO Media". Capitalnewyork.com. Archived from the original on 2016-05-06. Retrieved 2017-06-23.
  6. Alexandra Steigrad (2016-01-13). "Maxim Taps Gilles Bensimon as Special Creative Adviser – WWD". Wwd.com. Retrieved 2017-06-23.
  7. "Biglari Holdings Inc. Acquires First Guard Insurance Company". Prnewswire.com (Press release). Retrieved 2017-06-23.
  8. "Arkansas' Southern Pioneer P/C Insurance Acquired by Biglari; Ratings Unchanged". 16 March 2020.
  9. "Has San Antonio's Sardar Biglari lost his touch?". 7 July 2020.
  10. "Enigmatic investor Sardar Biglari snaps up troubled San Antonio-based driller Abraxas Petroleum". 3 October 2022.
  11. "Sardar Bfiglari Affiliates Acquire More 55 Jack-Box Shares". www.nrn.com.
  12. Danner, By Patrick (2023-02-27). "San Antonio investor Sardar Biglari adds Jack in the Box, Ferrari to investment portfolio". San Antonio Express-News. Retrieved 2025-01-16.
  13. "privacy error" (PDF). www.biglariholdings.com. Retrieved January 16, 2025.