Denny’s Corporation (NASDAQ: DENN), the parent company of Denny’s Inc. and Keke’s Inc., today announced it has entered into a definitive agreement to be acquired by a consortium led by TriArtisan Capital Advisors LLC, Treville Capital Group, and Yadav Enterprises, Inc., in an all-cash transaction with an enterprise value of approximately $620 million.
The agreement, which was unanimously approved by the Denny’s Board of Directors, will result in Denny’s becoming a privately held company upon closing, with its common stock delisted from the Nasdaq.
Transaction Value and Premium
Under the terms of the agreement, Denny’s stockholders will receive $6.25 per share in cash for each share of common stock they hold. This purchase price represents a substantial premium for stockholders:
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A 52.1% premium over Denny’s closing stock price on November 3, 2025, the last full trading day prior to the announcement.
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A 36.8% premium over the Company’s 90-day volume-weighted average share price.
Kelli Valade, Chief Executive Officer of Denny’s Corporation, stated the transaction delivers “significant, near-term and certain cash value” to stockholders. She emphasized that the Board conducted a thorough review of strategic alternatives, contacting over 40 potential buyers before determining the acquisition maximizes stockholder value and represents the best path forward for the Company.
The Acquiring Group
The acquiring group brings deep sector expertise and operational experience to support the brand’s long-term growth:
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TriArtisan Capital Advisors LLC: A New York-based private equity firm with extensive experience in global restaurant and hospitality assets, including P.F. Chang’s. TriArtisan plans to provide resources to invest in the brands, support franchisees, and grow the business.
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Yadav Enterprises, Inc.: Led by Anil Yadav, this entity is one of the largest existing Denny’s franchisees, owning and operating approximately 550 restaurants nationwide. This involvement ensures a strong, experienced operator will be part of the new ownership.
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Treville Capital Group: An investment firm focused on alternative assets, bringing customized financial solutions and deep sector expertise to the transaction.
Rohit Manocha, Co-Founder and Managing Director at TriArtisan, highlighted Denny’s strength: “Denny’s is an iconic piece of the American dream, with a renowned brand, a strong franchise base and loyal customers.” He added that the team looks forward to providing resources and supporting the Company’s long-term strategic growth plans.
Closing Details
The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions, including the approval of the Company’s stockholders and the satisfaction of regulatory approvals.
Advisors:
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Financial Advisor to Denny’s: Truist Securities
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Legal Advisors to Denny’s: Morgan, Lewis & Bockius LLP, Sidley Austin LLP, and Caiola & Rose, LLC
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Financial Advisor to TriArtisan: Global Leisure Partners LLP
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Legal Counsel to TriArtisan: Ropes & Gray LLP
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Legal Counsel to Treville: Choate, Hall & Stewart LLP