Spartanburg, S.C., and New York — Denny’s Corporation, owner and operator of Denny’s Inc. and Keke’s Inc., has entered into a definitive agreement to be acquired by a group consisting of TriArtisan Capital Advisors LLC, an established New York-based private equity investment firm and experienced investor in global restaurant and hospitality assets; Treville Capital Group, a leading investment firm focused on alternative assets; and Yadav Enterprises, Inc., owner-operator of approximately 550 restaurants nationwide and one of the largest Denny’s franchisees, in an all-cash transaction with an enterprise value of approximately $620 million.
TriArtisan brings deep experience investing in full-service, global dining and entertainment concepts, such as P.F. Chang’s, providing resources to invest in their brands, support franchisees and help them grow their businesses. Treville is an alternative asset manager that leverages its platform and deep sector expertise to provide customized solutions for companies. Yadav Enterprises, led by Anil Yadav, brings significant experience and a 30-plus-year record of success across a variety of restaurant concepts, including as a Denny’s franchisee. Upon completion of the transaction, Denny’s will become a privately held company.
Under the terms of the agreement, which was unanimously approved by the Denny’s board of directors, Denny’s stockholders will receive $6.25 per share in cash for each share of Denny’s common stock they own. The purchase price represents a 52.1% premium to Denny’s’ closing stock price on Nov. 3, 2025, the last full trading day prior to the transaction announcement, and a 36.8% premium to the company’s 90-day volume-weighted average share price for the period ended Nov. 3, 2025.
“We are pleased to enter this transaction, which delivers significant, near-term and certain cash value to our stockholders,” says Kelli Valade, chief executive officer of Denny’s Corporation. “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.”
The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions. Upon completion of the transaction, Denny’s common stock will no longer be listed on the Nasdaq.
Truist Securities is serving as financial advisor to Denny’s Corporation, and Morgan, Lewis & Bockius LLP, Sidley Austin LLP and Caiola & Rose, LLC are serving as its legal advisors. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to Denny’s Corporation.
Global Leisure Partners LLP is serving as financial advisor to TriArtisan, and Ropes & Gray LLP is serving as its legal counsel.
Choate, Hall & Stewart LLP is serving as Treville’s legal counsel.
Denny’s Corporation is one of America’s largest full-service restaurant brands based on number of restaurants. As of June 25, 2025, the company consisted of 1,558 restaurants, 1,474 of which were franchised and licensed restaurants and 84 of which were company operated.
The company consists of the Denny’s brand and the Keke’s brand. As of June 25, 2025, the Denny’s brand consisted of 1,484 global restaurants, 1,422 of which were franchised and licensed restaurants and 62 of which were company operated. As of June 25, 2025, the Keke’s brand consisted of 74 restaurants, 52 of which were franchised restaurants and 22 of which were company operated.
TriArtisan Capital Advisors is an established, New York-based private equity firm. Founded in 2002 as TriArtisan Capital Partners, TriArtisan provides flexible institutional capital to invest in companies requiring a broad range of investment needs. For more information, visit www.triartisan.com.
Founded in 2014, Treville Capital Group LLC is an alternative asset manager that provides financing to high-growth, credit worthy companies. For more information, visit www.treville.com.
Yadav Enterprises Inc. operates more than 310 franchise restaurants including Jack in the Box, Denny’s and TGI Friday’s, and owns the Taco Cabana brand, a fast-casual, Tex-Mex restaurant brand consisting of 150 locations, as well as Nick the Greek, a fast-casual, Greek restaurant concept consisting of 90 locations.
SOURCE: Denny’s Corporation