Landry's, Inc.

History

Brothers Bill and Floyd Landry and other partners from their hometown of Lafayette, Louisiana, began opening authentic Cajun restaurants in the Houston area in the 1970s. These included Willie G’s (named for their father), near The Galleria, and the first Landry's Seafood on the far west side of the city. By 1986, nearly all of the partners wanted to sell their shares. They found a willing buyer in Tilman Fertitta, who paid US$400,000 on December 31, 1986, for a controlling interest in the company. The remaining partner, Denis Wilson, was bought out for $850,000. He received $250,000 upfront, but had to spend $120,000 in legal fees to eventually collect the remaining $600,000 from Fertitta.

Fertitta became CEO and quickly began standardizing the appearance and menus of his restaurants; he removed the Cajun spicing from most dishes and scrubbed away the unique interior of Willie G's. He took the company public in 1993, with a valuation of $30 million.

Under Fertitta, the company expanded. In 2010, already the majority shareholder, Fertitta acquired all outstanding shares of company stock, gaining sole control and ownership. By 2011, the company's value had risen to more than $1.7 billion.

1990s

Throughout the 1990s, Landry's, Inc., expanded, developing and acquiring restaurant, entertainment, hospitality, and gaming businesses. In 1994, Landry's, Inc., acquired Joe's Crab Shack. In 2006, Landry's, Inc., sold Joe's Crab Shack, which had grown to more than 120 locations, to J.H. Whitney & Company. During the decade, the company acquired several other restaurants, including The Crab House and Cadillac Bar.