Denny’s Corporation announced that it has closed a take‑private transaction with TriArtisan Capital Advisors, Treville Capital Group and Yadav Enterprises, finalizing the deal on January 16 2026. The consortium paid $6.25 in cash for each share of Denny’s common stock, valuing the company at approximately $620 million and ending its public listing on Nasdaq.
The purchase price represented a 52.1% premium to Denny’s closing share price on November 3 2025, the day before the deal was announced. The premium reflects the market’s assessment that the company’s recent financial performance—highlighted by a Q3 2025 net income of $0.6 million versus $6.5 million a year earlier and a trend of declining same‑store sales—warrants a substantial cash payout to shareholders. The transaction also coincides with a period of financial strain, as Denny’s had been closing underperforming restaurants and investing heavily in remodels and a dual‑brand strategy that includes Keke’s Breakfast Café.
The financing package for the acquisition includes a $300 million senior secured term loan, a $35 million revolving credit facility, and a $145.5 million sale‑leaseback of real‑property assets. This leveraged structure provides the new owners with immediate working capital while also creating a debt‑heavy balance sheet that will require disciplined cost management and efficient capital deployment to maintain profitability.
Strategically, the deal is intended to give Denny’s and its Keke’s brand the capital and resources needed to accelerate growth, support franchisees, and execute the “Diner 2.0” remodel program. The consortium’s composition—private‑equity expertise from TriArtisan, alternative asset management from Treville, and operational insight from Yadav Enterprises, a major franchisee—positions the company to streamline operations, expand the Keke’s pipeline of roughly 140 future franchise sites, and pursue long‑term value creation away from the short‑term pressures of public markets.
Management emphasized the significance of the transaction. CEO Kelli Valade said, “Today represents an important milestone for Denny’s and Keke’s as we embark on our next chapter under new ownership,” underscoring the commitment to franchisees and guests. TriArtisan’s Rohit Manocha added, “Our team has significant investment experience in the restaurant industry, and our acquisition of Denny’s builds on our success with other full‑service concepts. We look forward to working with Kelli and the Denny’s team to provide resources and support the company’s long‑term strategic growth plans.” The board of directors has been streamlined to two members—Rohit Manocha and Anil Yadav—reflecting the new ownership structure.
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