Denny’s to be Taken Private by TriArtisan, Treville, and Yadav Enterprises for $620 Million

Denny’s Corporation (DENN) entered a merger agreement on November 3, 2025, to be acquired by TriArtisan Capital Advisors LLC, Treville Capital Group, and Yadav Enterprises, Inc. in a deal valued at $620 million.

Deal Structure:

Denny’s stockholders will receive $6.25 per share in cash for each share of Denny’s common stock they own, which is at a 52.07% premium from the stock’s last close.

Company Profile:

Denny’s is one of America’s largest full-service restaurant brands, operating and franchising over 1,500 restaurants worldwide under the Denny’s and Keke’s brands, offering classic diner-style meals through an asset-light, franchise-focused model.

TriArtisan Capital Advisors is a New York-based private equity firm, founded in 2002, that provides flexible institutional capital to invest in companies across a broad range of needs while partnering with high-quality management teams. As of mid-2025, the firm reports assets under management of approximately $1.26 billion.

Treville Capital is an alternative asset manager that provides financing to high-growth, credit-worthy companies through asset-based credit, capital solutions, and venture capital. The firm reportedly has about $2.7 billion in assets under management.

Yadav Enterprises is a multi-brand restaurant operator and franchisee managing over 310 franchised locations across concepts such as Jack in the Box, Denny’s, and TGI Friday’s, while owning and operating the Taco Cabana and Nick the Greek restaurant brands.

Deal Details and Timeline:

The deal is expected to close in the first quarter of 2026.

Truist Securities is serving as the financial advisor to Denny’s. Morgan, Lewis & Bockius, Sidley Austin, and Caiola & Rose are serving as its legal advisors. Global Leisure Partners is serving as financial advisor to TriArtisan, with Ropes & Gray acting as its legal counsel. Choate, Hall & Stewart is serving as legal counsel to Treville.

TriArtisan, Treville, and Yadav Enterprises are acquiring Denny’s at 12.48 times EBITDA.

Deal Metrics:

For a more comprehensive understanding of this merger and acquisition transaction, you can access the Deal Metrics page at the following link:

Deal Metrics for the Acquisition of Denny’s Corporation (DENN) by TriArtisan Capital Advisors LLC, Treville Capital Group, and Yadav Enterprises, Inc.

The Deal Metrics page provides detailed information on each merger or acquisition, including:

• A chart tracing the spread history of the merger from its announcement to its completion or failure.
• Progression of the merger through the expiration of the HSR period, regulatory approvals, shareholder votes, and more.
• Relevant news and SEC filings.
• A record of deal updates.
• And much more.

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Editor’s Note: Baranjot Kaur contributed to this article