Biglari Holdings Inc. (NYSE: BH.A) is a diversified holding company led by Chairman and CEO Sardar Biglari. Founded in 1993 as First Marine Holdings and rebranded in 2008, the company has evolved into a platform for acquiring and operating businesses in the restaurant, media and investment sectors. Headquartered in San Antonio, Texas, Biglari Holdings employs a capital‐allocation approach to building long‐term value through active management of its subsidiaries.
At the core of Biglari’s restaurant operations is Steak ’n Shake, a full‐service casual dining chain known for its signature burgers, milkshakes and made‐to‐order menu offerings. With locations across the United States, Steak ’n Shake emphasizes operational efficiency, high food quality and a casual dining experience. Complementing this is Western Sizzlin, a steakhouse chain distinguished by its all‐you‐can‐eat salad bar, grill‐to‐order entrees and value‐focused pricing, primarily serving markets in the Southeastern and Midwestern U.S.
Beyond restaurants, Biglari Holdings owns Maxim Inc., the publisher of Maxim magazine and related digital platforms. Under its media division, the company produces lifestyle content targeting a global audience through print, online channels and branded events. This segment underscores Biglari’s strategy of combining traditional media brands with digital expansion, leveraging Maxim’s international recognition to drive audience engagement and advertising partnerships.
Biglari Holdings also maintains a portfolio of strategic investments outside its core operations, pursuing opportunities in both public and private markets. Under Sardar Biglari’s leadership, the company has emphasized disciplined capital deployment, hands‐on operational oversight and long‐term growth. By focusing on businesses with strong brand recognition, consistent cash flows and potential for operational improvements, Biglari Holdings seeks to generate shareholder value through a blend of organic growth and selective acquisitions.
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