At what enterprise value was DENNY'S acquired in 2026?

During the acquisition of DENNY'S by TRIARTISAN CAPITAL ADVISORS / TREVILLE CAPITAL GROUP / YADAV ENTERPRISES in 2026, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 500M - 1.5b USD. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Retail & Consumer industry currently tracks an average EBITDA multiple of 11.4x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of DENNY'S when it was acquired by TRIARTISAN CAPITAL ADVISORS / TREVILLE CAPITAL GROUP / YADAV ENTERPRISES?

The estimated EV/EBITDA multiple for DENNY'S is in the range of 10x - 18x. For comparison, the Retail & Consumer sector currently shows an average EBITDA multiple of 11.4x. Join our community for free to access full valuation data and industry trends.

What was the revenue of DENNY'S at the time of the deal?

The revenue of DENNY'S at the time of the deal is estimated to be in the range of 250M - 500M USD. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of DENNY'S during the acquisition?

DENNY'S's EBITDA is estimated to be in the range of 50M - 100M USD. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the DENNY'S acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the DENNY'S deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.globenewswire.com/news-release/2026/01/16/3220519/23968/en/denny-s-corporation-announces-completion-of-acquisition-by-triartisan-capital-advisors-treville-capital-group-and-yadav-enterprises.html

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Home Database Retail & ConsumerDENNY'S

01/2026

DENNY'S

Acquired by

TRIARTISAN CAPITAL ADVISORS, TREVILLE CAPITAL GROUP & YADAV ENTERPRISES

UNITED STATES Hospitality & Leisure / Hospitality / Restaurants / Chains EV 500M - 1.5b USD

DENNY'S acquired by TRIARTISAN CAPITAL ADVISORS, TREVILLE CAPITAL GROUP & YADAV ENTERPRISES

UNITED STATES Hospitality & Leisure / Hospitality / Restaurants / Chains EV 500M - 1.5b USD

Context

TriArtisan Capital Advisors, Treville Capital Group, and Yadav Enterprises completed their acquisition of Denny's Corporation. The all-cash transaction closed on January 16, 2026, following shareholder approval and regulatory clearances, with Denny's common stock ceasing Nasdaq trading. The consortium sought Denny's iconic brand, strong franchise base, and loyal customers as a platform for growth. TriArtisan's restaurant experience, Treville's capital solutions, and Yadav's operational scale align with accelerating Denny's and Keke's initiatives while supporting franchisees. Key terms delivered a premium to shareholders, with Denny's management, led by CEO Kelli Valade, retaining leadership. Advisors included Truist Securities, Morgan Lewis, Sidley Austin, and Joele Frank for Denny's; Global Leisure Partners and Ropes & Gray for TriArtisan; and Choate Hall for Treville.

DENNY'S, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Retail & Consumer sector (11.4x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Denny's Corporation is an American full-service restaurant company headquartered in Spartanburg, South Carolina, United States. The company operates and franchises Denny's Inc., a classic diner chain known for its 24-hour breakfast menu featuring items like Grand Slams, pancakes, burgers, and coffee. It also owns Keke's Inc., a breakfast and lunch café concept. As of September 24, 2025, Denny's brand included 1,459 global restaurants (1,397 franchised/licensed, 62 company-operated), while Keke's had 78 restaurants (55 franchised, 23 company-operated), totaling 1,537 locations. Denny's holds a prominent position in the family dining segment, leveraging its iconic brand and extensive franchise network to serve value-conscious consumers seeking reliable all-day dining options. The franchise-heavy model drives revenue through royalties, fees, and company store sales, providing scalable growth with low capital intensity.

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Other operations with DENNY'S

Date	Acquirer	Target	Country	Sector	Deal Context
07/2022	DENNY'S	KEKE'S BREAKFAST CAFE	UNITED STATES	Hospitality & Leisure	KEKE'S BREAKFAST CAFE USA Consumer Services Hotels, Restaurants & Leisure Restaurants Full-Service Restaurants Keke's Breakfast Cafe is a high-growth "A.M. eatery" concept specializing in handmade breakfast and lunch entrees. Headquartered in Florida, the chain operates a 52-unit network (as of July 2022) consisting of 44 franchised locations and 8 company-owned restaurants. The brand differentiates itself through a premium positioning, with price points approximately 20% higher than traditional family diners like Denny’s, successfully targeting high-income Gen Z and millennial consumers as well as families. Its menu emphasizes fresh ingredients, including fruits and vegetables delivered daily. The company’s value proposition is built on its "daytime cafe" model, which focuses on high-traffic breakfast and lunch windows, allowing for specialized operations and strong margins.

REFERENCES

Valuation range: EV 500M - 1.5b USD

Revenue range: 250M - 500M USD

EBITDA range: 50M - 100M USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of DENNY'S by TRIARTISAN CAPITAL ADVISORS / TREVILLE CAPITAL GROUP / YADAV ENTERPRISES are reserved for mynth community members. Register for free to unlock full data.

Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).