Biglari Holdings Inc., through its subsidiaries, engages in media, property and casualty insurance, as well as restaurant business activities. Restaurant Operations The company’s restaurant operations’ activities are conducted through two restaurant concepts by Steak n Shake Operations, Inc. (Steak n Shake) and Western Sizzlin Corporation (Western). As of December 31, 2015, Steak n Shake operated 417 company-operated restaurants and 144 franchised units. Western operated 4 company-operated restaurants and 66 franchised units. Steak n Shake engages in the ownership, operation, and franchising of Steak n Shake restaurants. Steak n Shake is a classic American brand serving premium burgers and milkshakes. Western engages primarily in the franchising of restaurants. It offers signature steak dishes, as well as other classic American menu items. Western also operates other concepts, Great American Steak & Buffet, and Wood Grill Buffet consisting of hot and cold food buffet style dining. International: As of December 31, 2015, the company had two company-operated locations in Europe to promote the Steak n Shake brand to prospective franchisees. As of December 31, 2015 Steak n Shake operated eight franchise units in Europe and the Middle East. The company has an exclusive license for the use of the Biglari and Biglari Holdings names and marks in association with various products and services. It has entered into a sublicense agreement with Steak n Shake, LLC and Steak n Shake Enterprises, Inc. providing for the association of the Biglari name and mark with all of Steak n Shake’s restaurants (including company-operated and franchised locations), products and brands. Insurance Business The company’s insurance business is composed of First Guard Insurance Company and its agency, 1st Guard Corporation (collectively First Guard). First Guard is a direct underwriter of commercial trucking insurance, selling physical damage and nontrucking liability insurance to truckers. First Guard operates under licenses issued by various insurance authorities. Media Business The company’s media business is composed of Maxim Inc. (Maxim). Maxim’s business lies in media, in print and digital, and in licensing of products and services. Maxim products are marketed under various registered brand names, including ‘MAXIM’ and ‘Maxim’. Investments The company and its subsidiaries have invested in The Lion Fund, L.P. and The Lion Fund II, L.P. (collectively, the investment partnerships). The investment partnerships operate as private investment funds. History The company was founded in 1934. It was formerly known as The Steak n Shake Company and changed its name to Biglari Holdings Inc. in 2010.
biglari holdings inc (BH:New York)
17802 IH 10 West
San Antonio, TX 78257
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