Denny’s has a history dating back to 1953 and has faced revenue challenges post-pandemic, including shifts to delivery and competitive pressure from newer breakfast chains.

To optimize operations, Denny’s plans to close up to 150 underperforming locations and, as of mid-2024, operated 1,558 restaurants worldwide, including 1,422 Denny’s and 74 Keke’s, which the company acquired in 2022.

TriArtisan co-founder Rohit Manocha described Denny’s as an iconic American brand with a strong franchise base and pledged support for strategic growth alongside management and franchisees.

The deal has unanimous board support and is expected to close in the first quarter of 2026 pending shareholder approval, with shareholders receiving $6.25 in cash per share (about $322 million total), a 52% premium to the prior close, and stock rising in after-hours trading.

CEO Kelli Valade said the company evaluated more than 40 potential buyers and chose this offer as the best path for shareholders and long-term growth.

The buyer group consists of TriArtisan Capital Advisors, Treville Capital, and Yadav Enterprises, a large Denny’s franchisee.

Denny’s is being acquired by a consortium led by TriArtisan Capital Advisors, Treville Capital, and Yadav Enterprises in a $620 million deal including debt, taking the company private.

The acquisition aims to position Denny’s for long-term growth, with the buyers emphasizing support for the company’s strategic plans and franchise network.