The local co-founder of Houston’s Restaurants is selling his stake in the successful, nationwide, closely held company back to its owners, principally co-founder George Biel, NashvillePost.com has learned from numerous sources.

Joe Ledbetter, who was based here and for years oversaw new siteselection for the legendary chain, appears possibly to have netted nine-figure proceeds from the sale of his stake in Houston's. His exact percentage ownership stake in the company could not be determined, though several sources believe it to have been 30-50%.

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