After reaching the top of the title insurance industry, it appears that Fidelity National Financial (FNF) has decided to diversify. While many of us in the title business have been tightening our belts, trying to make it through the nation's worst housing crisis since the Great Depression, Fidelity has been bargain shopping in bankruptcy courts. Soon, they may be offering you a side of fries with your title policy.
According to a press release, "Fidelity National Financial, Inc. is a leading provider of title insurance, mortgage services, specialty insurance and information services. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title and Alamo Title - that collectively issue more title insurance policies than any other title company in the United States." Now they can add "burgers and fries" to their business line.
According to bankruptcy documents filed yesterday in U.S. bankruptcy court in Pittsburgh, Fidelity Newport, a subsidiary of FNF, was the successful bidder in an auction for Max & Erma's Restaurants. Max & Erma's got its start in 1972 in Columbus, Ohio and has grown to serve more than 80 locations in several states.
My first experience at a Max & Erma's was in Rochester Hills, Michigan when I was in high school. They are known for their gourmet hamburgers - including the Garbage Burger.
While in law school, in Columbus, Ohio, I visited the original Max & Erma's location several times. It was a favorite after-class destination for a late dinner and cold beer with a good friend of mine.
The amount of the bid hasn't been disclosed yet, but the other bidder, which was endorsed by Max & Erma's, had submitted a bid valued at $24.9 million.
The restaurant business sounds like a strange choice for Fidelity, but it this isn't its first foray in to the market. Last year, it bought Village Inn and Bakers Square restaurants, also out of bankruptcy.
I guess the insurance business got a little boring for the execs at Fidelity. Selling burgers and fries should spice things up a bit.