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]
