Biglari Holdings

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.

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]

On March 19, 2014, Biglari purchased Florida-based First Guard Insurance Company.^[7] First Guard Founder and CEO Ed Campbell said: "I couldn't imagine a better, more fitting owner of First Guard."^[8]

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.^[9]

In September 2019, Biglari acquired Southern Oil of Louisiana Inc. for $51.5 million.^[10][11]

In 2022, Biglari acquired 90% of the voting power of San Antonio-based Abraxas Petroleum for $80 million.^[12][13]

Biglari Holdings owns 1.1 million shares of Jack in the Box as of 2023.^[14]

In 2022, Biglari acquired 360,000 shares of Ferrari.^[15] By 2023, the ownership had grown to 402,000 shares with a market value of $135 million.^[16]