Biglari Holdings Inc. (Biglari Holdings) is a holding company. The Company is engaged in a number of business activities. The Company, along with its subsidiaries, is engaged in investment management and the franchising/operating of restaurants. The Company�s Restaurant Operations� activities are conducted through two restaurant concepts, Steak n Shake and Western Sizzlin. As of September 25, 2013, Steak n Shake operated 415 Company-operated restaurants and 104 franchised units. Western operated four Company-operated restaurants and 82 franchised units. On July 1, 2013 the Company sold Biglari Capital. In February 2014, Biglari Holdings Inc and Alpha Media Group announced that the wholly owned subsidiary of Biglari Holdings has acquired MAXIM. In March 2014, Biglari Holdings Inc acquired First Guard Insurance Co and its affiliate, 1stGuard Corp.