National breakfast chain Denny’s just announced a different sort of deal as the company has been sold. The deal was approved by the Denny’s board, which values the restaurant chain at $620 million, including debt.
According to the Associated Press, the company will now be owned by a group of investors which includes private equity investment company TriArtisan Capital Advisors, investment firm Treville Capital and Yadav Enterprises, which is one of Denny’s largest franchisees.
Known for its affordable menu and focus on breakfast, Denny’s continues to struggle in a shifting marketplace. After seeing sales decline through the Covid-19 pandemic, the chain is now battling changes in customer dining patterns. Customers are relying more on delivery services when dining out, which has hurt the sit-down restaurant chain.
Last year, the company announced it was closing 150 underperforming locations. Still, at the end of the second quarter, the company reported 1,558 restaurants worldwide, which included 74 Keke’s restaurants.
Denny’s CEO Kelli Valade said the company received interest from 40 potential buyers for the chain. The board decided the offer it accepted was the best option for shareholders and for the future of the company. The new ownership group plans to take the company private.
As part of the sale, Denny’s stockholders will receive $6.25 per share in cash for each share of Denny’s common stock they own. That represented a 52% premium over Denny’s closing stock price on Monday.
The deal is expected to close in early 2026.
“We look forward to working with Kelli and the rest of the Denny’s team and franchisees to provide resources and support the Company’s long-term strategic growth plans,” said TriArtisan Co-Founder and Managing Director Rhohit Manocha in a statement.
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