Denny’s Corporation to be Acquired by TriArtisan Capital Advisors, Treville Capital Group and Yadav Enterprises in $620 Million Transaction

(123rf.com image)

Denny’s Corporation (NASDAQ: DENN), owner and operator of Denny’s Inc. and Keke’s Inc., announced Nov. 3, 2025, that it 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.

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 percent 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 percent premium to the company's 90-day volume-weighted average share price for the period ended Nov. 3, 2025.

TriArtisan experience includes investing in full-service, global dining and entertainment concepts, such as P.F. Chang’s, providing resources to invest in their brands, supporting franchisees and helping 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 a 30-plus-year record of success across a variety of restaurant concepts, including as a Denny’s franchisee.

Upon completion of the transaction, Spartanburg, South Carolina-based 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 maximize value with the assistance of external advisors.”

Valade added, “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.”

And Valade said, “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.”

“Denny’s is an iconic piece of the American dream, with a renowned brand, a strong franchise base and loyal customers,” said Rohit Manocha, co-founder and managing director at TriArtisan. “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.”

Manocha added, “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.”

The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions, including approval by the company’s stockholders and satisfaction of regulatory approvals.

Upon completion of the transaction, Denny’s common stock will no longer be listed on the Nasdaq.