Denny’s announced it will be taken private in a $620 million all‑cash transaction, with shareholders receiving $6.25 per share, a 52% premium to the closing price on November 3, 2025 and a 36.8% premium to the 90‑day volume‑weighted average price.
The transaction is being executed by a consortium of TriArtisan Capital Advisors, Treville Capital Group and Yadav Enterprises, one of the company’s largest franchisees. The deal values the company at approximately $620 million, including debt, and is expected to close in the first quarter of 2026. The transaction will remove Denny’s from Nasdaq.
The move to private ownership is intended to give Denny’s management and franchise partners greater flexibility to execute a strategic transformation that includes digital initiatives, portfolio optimization, and expansion of its Keke’s Breakfast Cafe brand. The company has been closing lower‑volume franchised restaurants and investing in digital infrastructure, including a points‑based loyalty program.
Denny’s reported Q3 2025 earnings that missed both earnings and revenue estimates. GAAP earnings per share were $0.01 and adjusted earnings per share were $0.08 versus an estimate of $0.11. Revenue was $113.2 million versus an estimate of $116.75 million. Same‑restaurant sales for the core Denny’s brand fell 2.9% while Keke’s grew 1.1%. The company cited softer same‑restaurant sales, strategic closures, higher product costs and marketing investments as contributing factors. Because of the pending acquisition, Denny’s suspended its financial guidance for the remainder of 2025.
The board of directors approved the transaction unanimously. The consortium’s experience includes full‑service dining concepts and significant franchise operations. The deal is part of a broader trend of restaurant chains being taken private to pursue long‑term strategies away from public‑market pressures.
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