USA | Family restaurant chain Denny's has been acquired in a three-way business deal, selling for USD 6.25 per share.
Popular restaurant chain Denny’s 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 USD 620 million.
Under the terms of the agreement, which was unanimously approved by the Denny’s Board of Directors, Denny’s stockholders will receive USD 6.25 per share in cash for each share of Denny’s common stock they own. The purchase price represents a 52.1 percent premium to Denny’s’ closing stock price on Monday, November 3, 2025, the last full trading day prior to the transaction announcement, and a 36.8 percent premium to the Company's 90-day volume-weighted average share price for the period ended November 3, 2025.
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 customised 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.
“We are pleased to enter this transaction, which delivers significant, near-term and certain cash value to our stockholders,” said 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 maximise 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.”
Valade said 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 maximises value and has determined it is fair to and in the best interests of stockholders and represents the best path forward for the Company.”
He added that Denny’s has a strong foundation as America’s Diner, and he was proud of the important progress the company has made across its 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.”
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.
“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,” said Manocha.
“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.”
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