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Wednesday, July 17, 2019

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Former Shipyard owner, bank exec buy small stake in Galatoire's

Former Shipyard owner, bank exec buy small stake in Galatoire's

NEW ORLEANS (AP) — The former owner of a Lockport shipyard and an Alexandria bank executive have bought a bit of one of New Orleans' most famous restaurants.

A news release says Galatoire's majority owner John Georges sold 10 percent of his stake to Bollinger Shipyards Donald "Boysie" Bollinger and Red River Bank Chairman John Simpson.
Georges owned 75 percent of the Bourbon Street restaurant and its two affiliates before the deal. The family that founded Galatoire's owns 25 percent.

The purchase includes interest in Galatoire's 33 Bar and Steak on the same block of Bourbon Street, Galatoire's Bistro in Baton Rouge, and any future business involving the ownership group.

The New Orleans Advocate reports that the news release says Bollinger and Simpson are no longer part of Bourbon Investments Inc. That group tried to buy Galatoire's in 2009, when Georges bought majority ownership.

Bourbon Investments sued Galatoire's in October, challenging the sale to Georges. The lawsuit remains unresolved.

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