Clyde’s also owns the Hamilton, which hosts the annual White House Correspondents’ Jam (on the eve of the organization’s dinner) and reported nearly $22 million in annual revenue. The Hamilton offers a wide range of American fare, starting with brunch to late night eats. The restaurant can seat 400, and its downstairs music venue seats 300 with standing room for 300 more.
The two restaurants are among the 20 highest-grossing independent restaurants in the country. The group also operates 11 other D.C.-area restaurants and entertainment venues — eight Clyde’s locations, the Tombs bar, 1789 Restaurant and the Soundry in Columbia, Md.
“We are excited to join such a well-respected company and equally excited about the future,” Thomas Meyer, Clyde’s Restaurant Group president, said in a news release announcing the deal.
The co-owner and chief executive of Clyde’s Restaurant Group, John G. Laytham, died in January at 74. He joined the business as a dishwasher the year it was founded, working his way up to build a company with a yearly revenue of $135 million.
Arlington-based Graham Holdings Co. didn’t disclose the terms of the deal and declined to comment beyond the news release. The Graham family had owned and operated The Washington Post for several decades before selling the news organization to Amazon founder and CEO Jeff Bezos in 2013.
Graham Holdings, which also owns media, manufacturing, health-care and cybersecurity companies, has a market value near $7.6 billion. On Wednesday, it reported more than $57 million in second-quarter earnings, a 22 percent increase from a year ago.
Graham CEO Timothy O’Shaughnessy said in a news release that Clyde’s Restaurant Group has been a Washington institution.
“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,” 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.”