Graham Holdings Company announced July 31 that it has acquired Clyde’s Restaurant Group. The purchase price was not disclosed, according to the company.
The purchase joins two home-grown businesses. Clyde’s, which began in Georgetown in 1963, is now owned by an Arlington, Virginia-based company, created by a spinoff from the 2013 purchase by Jeff Bezos of the Washington Post, once owned by the Graham family in Georgetown.
Founded by Stuart Davidson, Clyde’s Restaurant Group has 13 restaurants in the Washington area. (F. Scott’s closed in 2016.) Clyde’s CEO John Laytham — who began work at the M Street restaurant while a Georgetown University student — died Jan. 3.
Graham Holdings (formerly the Washington Post Company) is a conglomerate headed by Donald Graham, a former publisher of the Washington Post. It includes the educational company Kaplan, the online magazine Slate and television stations. It has not owned restaurants before.
Timothy J. O’Shaughnessy, chief executive officer of Graham Holdings Company, said: “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 has been a Washington institution that includes Old Ebbitt Grill and the Hamilton, two of the top 20 highest grossing independent restaurants in the country. 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.”
For his part, Thomas Meyer, president of Clyde’s Restaurant Group, said: “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.”