Proxy Mosaic Interviews Groveland Group's Nominees for Biglari Holdings Board

Discusses Campaign for Reform NOW at Biglari Holdings and Groveland's Plans for Positive Change; Urges Shareholders to Listen to Audio Webcast and Vote the WHITE Proxy Card

MINNEAPOLIS, MN--(Marketwired - Apr 6, 2015) - Groveland Capital, LLC. (the "Groveland Group") announced today that it participated in an open-forum discussion about Biglari Holdings, Inc. (NYSE: BH), hosted by Proxy Mosaic, a leading proxy research and corporate governance firm, on Thursday, April 2, 2015. During the investor call, the Groveland Group emphasized the need to reform Biglari Holdings (the "Company") NOW by voting the WHITE PROXY CARD. In addition, the Groveland Group outlined its plans for positive change at the Company.

Participating in the call was Nick Swenson, Principal and Founder of Groveland Capital, and Seth Barkett, Portfolio Manager of Groveland Capital. An audio webcast of the investor call hosted by Proxy Mosaic is available at

The Groveland Group has nominated six independent professionals for the Board of Directors of Biglari Holdings and is soliciting votes from fellow Biglari Holdings' shareholders for the election of these individuals at Biglari Holdings' annual meeting, which is scheduled for Thursday, April 9, 2015. The Groveland Group's six highly qualified and experienced nominees include: Nicholas J. Swenson, James W. Stryker, Thomas R. Lujan, Stephen J. Lombardo, III, Ryan P. Buckley and Seth G. Barkett.

Nick Swenson, Principal and Founder of Groveland Capital, stated: "We are pleased to have participated in an open dialogue with shareholders about our plans for reform and shareholder value creation at Biglari Holdings, Inc. Proxy Mosaic's format provided us with a great opportunity to communicate our plans through a mediated interview followed by an engaging Q&A session."

Added Mr. Swenson, "We are determined to assert shareholder rights and drive shareholder value at the Company. The incumbent board at Biglari Holdings has consistently demonstrated poor corporate governance practices, and the Company's operating performance has declined substantially. We are giving shareholders a good choice with a solid plan of action designed to improve Biglari Holdings across the board. We are committed to driving shareholder value now and over the long-term."

The audio webcast, along with other materials related to the Biglari Holdings proxy contest, is also available on the website


If you have questions about how to vote your shares, or need additional assistance, please contact the firm assisting us in the solicitation of proxies:

D.F. KING & CO., INC. Shareholders Call Toll-Free: 877-283-0325 Banks and Brokers May Call Collect: 212-269-5550


We urge you NOT to sign any Blue proxy card sent to you by the Company. If you have already done so, you have every right to change your vote by signing, dating and returning the enclosed WHITE proxy card TODAY in the postage-paid envelope provided. If you hold your shares in Street-name, your custodian may also enable voting by telephone or by Internet -- please follow the simple instructions provided on your WHITE proxy card.

About Groveland Capital, LLC

Groveland Capital, LLC. is an Investment Advisor based in Minneapolis, MN. Groveland Capital is nimble advisory focused on unearthing unique investment opportunities. Our insight and global network is complemented by our billion dollar+ fund experience and expertise. Groveland Capital is led by a seasoned team of investment professionals who have continuity, vision and over a decade of experience executing key elements of our investment strategy. Groveland Capital founder and Principal, Nick Swenson, also has significant capital invested in the portfolio, aligning his interests with investors. Our investment strategy is to acquire stakes in undervalued and/or underperforming companies. When necessary, we seek board representation and advocate for improvements in financial performance, capital allocation, and corporate governance for the benefit of all shareholders.

Important Information

The Groveland Group (whose members are identified below) has nominated Nicholas J. Swenson, James W. Stryker, Stephen J. Lombardo III, Thomas R. Lujan, Ryan P. Buckley, and Seth G. Barkett as nominees to the board of directors of Biglari Holdings Inc. (the "Company"), and is soliciting votes for the election of Nicholas J. Swenson, James W. Stryker, Stephen J. Lombardo III, Thomas R. Lujan, Ryan P. Buckley, and Seth G. Barkett as members of the Company's board of directors (the "Groveland Nominees"). The Groveland Group has sent a definitive proxy statement, WHITE proxy card and related proxy materials to shareholders of the Company seeking their support of the Groveland Nominees at the Company's 2015 Annual Meeting of Shareholders. Shareholders are urged to read the definitive proxy statement and WHITE proxy card because they contain important information about the Groveland Group, the Groveland Nominees, the Company and related matters. Shareholders may obtain a free copy of the definitive proxy statement and WHITE proxy card and other documents filed by the Groveland Group with the Securities and Exchange Commission ("SEC") at the SEC's web site at The definitive proxy statement and other related SEC documents filed by the Groveland Group with the SEC may also be obtained free of charge from the Groveland Group.

Participants in Solicitation

The "Groveland Group" currently consists of the following persons who are participants in the solicitation from the Company's shareholders of proxies in favor of the Groveland Nominees: Groveland Master Fund Ltd. (formerly known as Groveland Hedged Credit Master Fund Ltd.), Groveland Hedged Credit Fund LLC, Groveland Capital LLC, Nicholas J. Swenson, and Seth G. Barkett. Along with the Groveland Group, the following are also participants in the solicitation: James W. Stryker, Stephen J. Lombardo III, Thomas R. Lujan, and Ryan P. Buckley. The participants may have interests in the solicitation, including as a result of holding shares of the Company's common stock. Information regarding the participants and their interests may be found in the Groveland Group's definitive proxy statement, as filed with the SEC on March 11, 2015. These materials may be accessed from the SEC's website free of charge.

Contact Information:


Nick Swenson
Groveland Capital


D.F. King & Co., Inc.


Anthony Giombetti
Gio Public Relations