In an all-cash deal valued at $620 million, a trio of investors inked a deal to acquire family dining chain Denny’s. The companies purchasing Denny’s, along with sibling concept Keke’s, are TriArtisan Capital Advisors, Treville Capital Group and Yadav Enterprises. Upon completion of the transaction, Denny’s will become a privately held company.
Two of the companies, TriArtisan, and Yadav, have strong ties to the restaurant industry. TriArtisan, for example, has worked with such restaurant chains as P.F. Chang’s. Yadav operates more than 310 franchise restaurants including Jack in the Box, Denny’s, and TGI Friday’s, and owns fast-casual brands Taco Cabana and Nick the Greek. Just last month, Yadav inked a deal to acquire Del Taco from Jack in the Box.
The deal is expected to close during the first quarter of 2026. In June, Denny’s reported 1,558 restaurants systemwide, 1,474 of which were franchised and licensed restaurants and 84 of which were company operated.
“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,” said Kelli Valade, Denny’s CEO, in a release announcing the deal. “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. 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.”
For its third fiscal quarter of 2025, sales at Denny’s domestic units declined 2.9% compared to the previous quarter. Sales at its domestic Keke’s locations increased 1.1% compared to the previous quarter. During the third quarter, the company opened one new franchised Denny’s location and remodeled 10 units. Keke’s opened four new stores, including one franchised location, and completed three remodels.
