Graham Holdings Company, in a deal long in the works, has acquired Clyde’s Restaurant Group, the company announced July 31.
The 56-year-old Washington, D.C. institution is now a subsidiary of GHC, which is led by members of the Graham Family that formerly owned The Washington Post. Terms of the deal were not disclosed. The company is currently directed by Don Graham, the son of Katharine Graham, the famed Washington Post publisher at the helm during the Watergate scandal.
Timothy J. O’Shaughnessy, chief executive officer of GHC, said in a statement, “Founded in 1963, the Clyde’s group of restaurants are well-run businesses that align with our investment strategy: working with great management teams to operate businesses with a long history of profitability.”
Clyde’s Restaurant Group is comprised of 13 restaurants and entertainment venues, including eight Clyde’s locations, Old Ebbitt Grill, The Hamilton, 1789 Restaurant, The Soundry, and The Tombs.
Old Ebbitt Grill and The Hamilton are two of 20-highest grossing independent restaurants in the country, O’Shaughnessy said.
“We are thrilled about the long-term possibilities of this business and we are looking forward to continuing to serve hungry and thirsty D.C. area diners for years to come,” he added.
Clyde’s has been on the market since early 2019 following the death of CEO and co-founder John Laytham. He was 74. Laytham worked with the restaurant group for more than 55 years. He directed Clyde’s from its first location, which opened on M Street in Georgetown in 1963.
“For 56 years, Clyde’s Restaurant Group has served the Washington, D.C. area and has built a great business based on our commitment to quality and service. Graham Holdings Company is well suited to be the new steward of the Clyde’s brands in that we share the same values and dedication to the region. We are excited to join such a well-respected company and equally excited about the future,” said Thomas M. Meyer, president of Clyde’s Restaurant Group, in a statement.