Formerly known as Zapata Corporation, the business, headquartered now in Rochester, New York traces its history from an oil business that was put up by a group of individuals, including the then president George H. W. Bush. The company was established prior to Bush having been seated at the head of the country. Along with his business partners, Thomas J. Devine, Bill Liedtke, John Overbey and Hugh Liedtke, they created the Zapata Oil in 1953. The initial investment of $1 million was provided by the Liedtke brothers and their circle of investors. In the early years of the business, Liedtke sat as the president of the venture while bush was his vice.
With strong connections and good business practice, the company has expanded their operations outside the United States that they now have the Zapata Off-Shore. By 1963, the company already operated four oil-drilling rigs – Vinegaroon, Sidewinder, Nola III and Scorpion. It was also during that time that Zapata Petroleum merged with South Penn Oil and other companies to create Pennzoil.
It was in the 1970s that the business has undergone major changes in management and direction. During that time, the company was sinking in debt and suffering a low return of investment coupled with weak operations. A decision under John Mackin was made to let go some of its businesses and strongly focus on offshore oil and gas exploration and production.
Today, the business is on the prowl of acquiring several undervalued or fairly valued companies and generates financial flow from it. Harbinger Group’s businesses include Salus Capital Partners, Spectrum Brands, FrontStreet Re, Fidelity & Guaranty Life and EXCO/HGI Patnership.
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