Biglari Holdings

Last updated
Biglari Holdings Inc.
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 major subsidiaries include Steak 'n Shake, Maxim magazine, First Guard Insurance, 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]

Southern Oil of Louisiana

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

Related Research Articles

<i>Maxim</i> (magazine) American/international mens magazine

Maxim is an international men's magazine, devised and launched in the UK 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.

The United Services Automobile Association (USAA) is a San Antonio-based Fortune 500 diversified financial services group of companies including a Texas Department of Insurance-regulated reciprocal inter-insurance exchange and subsidiaries offering banking, investing, and insurance to people and families who serve, or served, in the United States Armed Forces. At the end of 2020, it had more than 13 million members.

Steak n Shake Restaurant chain

Steak 'n Shake Operations, Inc. is an American casual restaurant chain concentrated primarily in the Midwestern United States with locations also in the South, Mid-Atlantic and 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; 414 corporate operations and 214 franchised establishments, although the company has since been attempting to convert to a fully franchised model. Typical restaurant locations have sit-down, drive-thru and front-window service, resulting in a hybrid of fast-food to-go service and diner-style sit-down service. Many Steak 'n Shake restaurants are open 24 hours a day, seven days per week. The menu features primarily burgers and hand-dipped milkshakes, though other entrees, side items, and drinks are also available.

Markel Corporation US financial services company

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Randa Apparel & Accessories is a manufacturer, distributor and marketer of men's, women's and children's clothing and apparel, belts, wallets, neckwear, neckties, jewelry, slippers, hats, gloves, and leather goods.

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, 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.

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Visionworks American optical retailer

Visionworks of America, Inc. (formerly known as Doctors' Value Vision) is an American company which operates or manages 711 optical retail stores in 40 U.S. states and the District of Columbia. The company was incorporated in 1988. It is based in Downtown San Antonio, Texas, and has about 8,000 employees.

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Bernard Rapoport American businessman

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Western Sizzlin 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.

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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. 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. 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.