– Denny’s Corporation, owner and operator of Denny’s Inc. and Keke’s Inc., announced a definitive agreement to be acquired by TriArtisan Capital Advisors LLC, Treville Capital Group, and Yadav Enterprises, Inc.
– Acquisition type: all-cash transaction with an enterprise value of approximately $620 million.
– Denny’s stockholders will receive $6.25 per share in cash.
– The purchase price represents a 52.1% premium to the closing stock price on November 3, 2025.
– TriArtisan has experience in full-service, global dining and entertainment concepts, including P.F. Chang’s.
– Treville is an alternative asset manager providing customized solutions leveraging deep sector expertise.
– Yadav Enterprises, led by Anil Yadav, operates approximately 550 restaurants and is one of the largest Denny’s franchisees.
– Upon completion, Denny’s will become a privately held company.
– Denny’s Board of Directors unanimously approved the transaction. The Board conducted a review of strategic alternatives, reaching out to over 40 potential buyers and receiving multiple offers.
– Transaction expected to close in the first quarter of 2026, subject to stockholder and regulatory approvals.
– Denny’s common stock will be delisted from Nasdaq upon completion.
– Truist Securities is the financial advisor to Denny’s; legal advisors are Morgan, Lewis & Bockius LLP, Sidley Austin LLP, and Caiola & Rose, LLC.
– Kelli Valade, CEO of Denny’s, said: “We are pleased to enter this transaction, which delivers significant, near-term and certain cash value to our stockholders. 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.”
– rohit manocha, Co-Founder and Managing Director at TriArtisan, said: “Denny’s is an iconic piece of the American dream, with a renowned brand, a strong franchise base and loyal customers. 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.”
