|HRG Group Inc|
|Seat||New York City ,|
|management||Omar M. Asali (President and CEO)|
|Number of employees||15,900|
|sales||5,816,000,000 US dollars|
|As of September 30, 2015|
The HRG Group Inc. is a publicly traded, US-based investment company.
The HRG Group emerged in 2009 from the company Zapata Oil . Zapata Oil was an American company based in Rochester , New York . The company was founded in 1953 under the name Zapata Petroleum by George HW Bush , who later became the 41st President of the USA . The company started as an oil exploration company . Bush remained CEO of Zapata Oil until 1966. After his successful candidacy for the US House of Representatives, he sold his shares to his business partner Robert Gow. In the 1970s, the company expanded its business area to include mining and fishing. But the investments hardly paid off and led to high losses, so that the company concentrated on its core business again. In the 1980s, the loss piled up to more than $ 500 million. In 1990 the company announced the end of its activities in oil production and wanted to concentrate entirely on the fishing business in the future.
In 1994, Malcolm Glazer acquired the company after lengthy battles. In the following years, Zapata acquired several gas production companies. They also made protein products based on fish. This business area was expanded in the following years and gas production was finally stopped completely. From 1998 the company also wanted to make a name for itself as an Internet company and acquired several companies and websites, but suffered heavy losses when the dot-com bubble burst . In 2005, Wilbur Ross acquired 77 percent of the company. The protein business was sold. In 2009 the Harbinger Group acquired shares in the company and the Zapata Corporation was renamed Harbinger Group Inc. In 2010/11 the company acquired a 54.4% stake in Spectrum Brands from Harbinger Capital Partners LLC and bought the insurance company Old Mutual US Life Holdings. In 2013, the HRG subsidiary Salus Capital and Cerberus Capital Management invested 250 million US dollars in the electronics chain RadioShack Corporation.
The company is now predominantly an investor and has interests in the reinsurance company FrontStreet Re, the oil and gas company Compass Energy, and Spectrum Brands (57.6%), which owns several well-known brand names, including Varta, Remington and Russell Hobbs.
Insurance company Fidelity & Guaranty Life (FGL) was sold to Anbang Insurance in November 2015 .
- Our Team ( Memento from February 1, 2017 in the Internet Archive )
- Form 10-K 2015
- Harbinger Group Inc. Completes Acquisition of Old Mutual US Life Holdings, Inc. ( Memento of the original from December 22, 2015 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. , Press release from the HRG Group
- China's Anbang Insurance to buy US insurer Fidelity & Guaranty. Reuters , November 9, 2015, accessed December 15, 2015 .