Denny’s Goes Private in a $620 Million Deal After Tough Years
So, big news from the restaurant world — Denny’s, the classic American diner chain that’s been around for over seven decades, is officially being taken private. The deal, valued at around $620 million , will see Denny’s sold to a group of investors led by TriArtisan Capital Advisors , Treville Capital Group , and Yadav Enterprises , one of the brand’s largest franchisees.
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This is a major shift for the brand that’s been publicly traded since 2004. Under the agreement, shareholders will receive $6.25 per share in cash , which represents a premium of more than 50% compared to where the stock closed before the announcement. Once the deal is completed—expected sometime in early 2026—Denny’s shares will be delisted from the Nasdaq, marking the end of its two-decade run as a public company.
Denny’s has faced some pretty rough times in recent years. The pandemic hit its 24-hour operations hard, forcing many locations to reduce hours, and since then, about a quarter of its roughly 1,600 restaurants still haven’t gone back to being open all night. Combine that with rising competition from new casual dining brands and the general belt-tightening among consumers, and it’s clear the company has been struggling to keep its footing.
CEO Kelli Valade explained that the company had explored over 40 potential buyers before settling on this deal. She said the board determined this sale “maximizes value” for shareholders and represents the best path forward. Valade also described the move as a reflection of the hard work Denny’s teams and franchisees have put in to keep the diner relevant, despite declining sales and the closure of underperforming locations.
For TriArtisan and its partners, this acquisition fits neatly into their growing restaurant portfolio. TriArtisan already owns P.F. Chang’s , and Yadav Enterprises operates hundreds of restaurants under brands like Jack in the Box , TGI Friday’s , and El Pollo Loco . The investors have said they see Denny’s as an “iconic piece of the American dream,” with loyal customers and plenty of potential for growth.
Still, this transition will be closely watched. Denny’s is not just another restaurant chain—it’s been a part of American culture for generations, known for late-night breakfasts and “always open” comfort. Now, as it steps away from the public markets, all eyes will be on whether private ownership can bring back that classic diner energy and steer the brand toward a more profitable future.
If everything goes as planned, by early next year, Denny’s will quietly shift from Wall Street to private hands—ending one chapter in its long story and hopefully starting a stronger, more stable one.
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