This Breakfast Chain With Over 1,500 Locations Worldwide Is Headed For Private Ownership

The Denny's Corporation announced in a press release on Monday that it entered an agreement to be acquired by a consortium of three businesses for a price of approximately $620 million. The agreement was "unanimously approved" by the company's board of directors, setting the stage for TriArtisan Capital Advisors, Treville Capital Group, and Yadav Enterprises to take the company private in early 2026, pending shareholder and regulatory approval.

"The Company reached out to more than 40 potential buyers and ultimately received multiple offers," said Kelli Valade, CEO of Denny's Corporation. "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 terms of the agreement include a $6.25 cash payout per share for investors, a price that reflects a 52.1% premium above share price at the end of trading on Monday, November 3 — the final full trading day before the announcement. Ultimately, the decision whether or not to proceed with the deal is still in the hands of the company's shareholders — as well as U.S. regulators — but the company has been struggling for years. Denny's announced it was closing 150 stores in 2025, and the restaurants were also surely squeezed by the avian flu epidemic in 2025. During this time, Denny's felt the need to raise prices for eggs, a staple of any diner menu. As a broader metric of the company's trajectory, its share price has been in steady decline since early 2021, when shares were valued at closer to $20.

Diners are a very American institution, and Denny's goes so far as to call itself "America's Diner," so the stakes are high for this company. But it is not transferring to just any hands, the firms acquiring the Denny's Corporation — which consists of both the eponymous restaurant chain and Keke's Breakfast Cafe chain — are well-versed in the restaurant business. "TriArtisan and Yadav Enterprises are experienced stewards of leading restaurant brands," Valade said of the deal, "and we are excited to work with them as we continue delighting our guests."

TriArtisan is already heavily involved in franchise restaurants, as the owners of P.F. Chang's and large stakeholders in both TGI Friday's and Hooters. Yadav, on the other hand, already operates a number of Denny's franchises, as well as TGI Friday's and Jack in the Box restaurants, and also owns Taco Cabana and Nick the Greek. Yadav also recently acquired Del Taco from Jack in the Box. Treville is, in some ways, the odd firm out in this deal, as an alternative asset manager.

While taking on the 1,558 Denny's and Keke's restaurants currently operating around the world will likely involve a few hurdles for these firms, they appear to be ready for the challenge. "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. "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."