Denny’s to go private in US$620M deal led by TriArtisan Capital Advisors

USA – South Carolina-based restaurant chain Denny’s has agreed to be acquired by a consortium led by TriArtisan Capital Advisors, owner of TGI Fridays, in a transaction valued at US$620 million, including debt.

The buyer group also includes investment firm Treville Capital and restaurant operator Yadav Enterprises.

Denny’s shareholders will receive US$6.25 in cash per share, reflecting a 52.1% premium over the closing share price on November 3, 2025, and a 36.8% premium to the company’s 90-day volume-weighted average price.

CEO Kelli Valade stated that after receiving multiple offers from more than 40 interested parties, the board conducted an extensive review of strategic alternatives to maximize shareholder value.

The board is confident this transaction is fair and represents the best path forward.

The deal is expected to close in the first quarter of 2026, subject to regulatory and shareholder approvals. Following completion, Denny’s will delist from Nasdaq.

Financial advisory services for Denny’s have been provided by Truist Securities, with legal counsel from Morgan, Lewis & Bockius, Sidley Austin, and Caiola & Rose.

TriArtisan’s financial advisor is Global Leisure Partners, while its legal counsel is Ropes & Gray.

The acquisition aims to leverage TriArtisan’s experience in global dining and entertainment concepts to grow Denny’s brand and support its franchisees.

Yadav Enterprises, a major Denny’s franchisee with over 30 years of industry experience, will play a key role in operations.

Denny’s recent expansion strategy has focused on revamping its existing portfolio and targeting selective growth, which ties closely to the acquisition deal led by TriArtisan Capital Advisors.

The company plans a broader remodeling program in 2026 for franchised restaurants, investing approximately US$250,000 per location to improve aesthetics and customer experience.

This remodeling strategy has already delivered significant sales and traffic increases.

Despite closing underperforming locations, Denny’s aims to achieve net unit growth by 2026, targeting flat to 1% annual growth alongside increased average unit volumes.

The acquisition will allow the new ownership to accelerate these initiatives with fresh capital and strategic guidance.

Denny’s loyalty program, launched in 2023 with 5 million members, is also being enhanced to deepen guest relationships.

The acquisition ties into these growth plans, with new owners bringing experience in casual dining, aiming to support brand revitalization and franchise development.

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