Denny’s announced that it has entered into a definitive agreement to be acquired by a consortium led by TriArtisan Capital Advisors, Treville Capital Group, and Yadav Enterprises in an all-cash transaction valued at approximately $620 million. The agreement, unanimously approved by Denny’s Board of Directors, will result in the company becoming privately held.
Under the terms of the transaction, Denny’s stockholders will receive $6.25 per share in cash for each share of Denny’s common stock. This price represents a 52.1% premium to the company’s closing stock price on November 3, 2025, and a 36.8% premium to its 90-day volume-weighted average share price for the period ending on the same date.
TriArtisan Capital Advisors, a New York-based private equity firm with extensive experience in the restaurant and hospitality sector, has previously invested in notable full-service dining concepts such as P.F. Chang’s. Treville Capital Group focuses on alternative asset investments, while Yadav Enterprises, led by Anil Yadav, operates approximately 550 restaurants nationwide and is one of Denny’s largest franchisees.
Denny’s Corporation, which owns and operates both Denny’s Inc. and Keke’s Inc., conducted an extensive strategic review before entering into this agreement. The process involved outreach to over 40 potential buyers and multiple offers were evaluated against Denny’s standalone business plan and other strategic alternatives.
The transaction is expected to close in the first quarter of 2026, pending customary closing conditions, including stockholder and regulatory approvals. Once completed, Denny’s common stock will be delisted from the Nasdaq.
Advisors: Truist Securities is serving as financial advisor to Denny’s, and Morgan, Lewis & Bockius, Sidley Austin and Caiola & Rose are serving as its legal advisors. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to Denny’s Corporation.
KEY QUOTES:
“We are pleased to enter this transaction, which delivers significant, near-term and certain cash value to our stockholders. After receiving indications of interest from TriArtisan, the Board conducted a thorough review of strategic alternatives to maximize value with the assistance of external advisors. As part of the review, the Company reached out to more than 40 potential buyers and ultimately received multiple offers. The Board evaluated any potential transaction against Denny’s standalone plan and all external strategic alternatives. After careful consideration of all options and in consultation with external financial and legal advisors, the Board is confident the transaction maximizes value and has determined it is fair to and in the best interests of stockholders and represents the best path forward for the Company.”
“Denny’s has a strong foundation as America’s Diner, and I am proud of the important progress we have made across our Denny’s and Keke’s platforms while navigating a dynamic consumer environment. This transaction delivers meaningful value to our stockholders and is a testament to the incredible work of our teams and franchisees, who have helped us innovate and meet our guests where they are. TriArtisan and Yadav Enterprises are experienced stewards of leading restaurant brands, and we are excited to work with them as we continue delighting our guests.”
Kelli Valade, Chief Executive Officer of Denny’s Corporation
“Denny’s is an iconic piece of the American dream, with a renowned brand, a strong franchise base and loyal customers. Our team has significant investment experience in the restaurant industry and our acquisition of Denny’s builds on our success with other full-service restaurant concepts. We look forward to working with Kelli and the rest of the Denny’s team and franchisees to provide resources and support the Company’s long-term strategic growth plans.”
Rohit Manocha, Co-Founder and Managing Director at TriArtisan Capital Advisors
