Denny's, the iconic American breakfast chain, is set to go private in a $620 million deal. The acquisition, announced on Monday (November 3), involves TriArtisan Capital Advisors, Treville Capital Group, and Yadav Enterprises. The all-cash transaction values Denny's at a 52.1% premium over its closing stock price on the same day.

TriArtisan Capital Advisors, a New York-based private equity firm, brings extensive experience in the restaurant industry, having previously invested in brands like P.F. Chang's. Yadav Enterprises, one of Denny's largest franchisees, recently acquired Del Taco and owns several other restaurant brands. Treville Capital Group is known for providing customized asset management solutions.

Denny's CEO Kelli Valade expressed confidence in the deal, stating that it maximizes value for stockholders and represents the best path forward for the company. The board unanimously approved the agreement after considering multiple offers from over 40 potential buyers. Valade highlighted the significant progress Denny's has made in remodeling its restaurants and introducing new menu items to boost sales.

Despite these efforts, Denny's has faced declining same-store sales and increased pressure from activist investors like JCP Investment Management. The company has been closing underperforming locations to strengthen its financial position. The acquisition is expected to close in the first quarter of 2026, subject to customary closing conditions, at which point Denny's will no longer be publicly traded on the Nasdaq.

TriArtisan's co-founder, Rohit Manocha, expressed excitement about working with Denny's to support its long-term growth plans. The acquisition marks a new chapter for Denny's, which has been a staple in the American dining scene for over seven decades.

Billy in the Morning