01/2026100%LBO

Denny's acquired by Triartisan Capital Advisors / Treville Capital Group / Yadav Enterprises

UNITED STATES Hospitality & Leisure / Hospitality / Restaurants / Chains EV $500M–1.5bn

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.

Previously, Denny's had completed the acquisition of Keke's Breakfast Cafe in 2022 as part of its consolidation strategy.

Denny's, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

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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.

Ent. Value

$500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

10x–18x

Historical Financials (USD)

Year

Rev

EBITDA

EBIT

2024

2023

Other operations with Denny's

Other operations with Denny's
Date	Acquirer	Target	Country	Sector
07/2022	DENNY'S	KEKE'S BREAKFAST CAFE	UNITED STATES	Restaurants / Chains

Other operations with Triartisan Capital Advisors / Treville Capital Group / Yadav Enterprises

Other operations with Triartisan Capital Advisors / Treville Capital Group / Yadav Enterprises
Date	Acquirer	Target	Country	Sector
12/2025	YADAV ENTERPRISES	DEL TACO HOLDINGS	UNITED STATES	Restaurants / Chains

Similar deals in Hospitality & Leisure

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01/2026	BCHEF	LES BURGERS DE PAPA	FRANCE	Restaurants / Chains
01/2026	AXIO CAPITAL	L'ORANGE BLEUE	FRANCE	Leisure Facilities
01/2026	SMITHFIELD FOODS	NATHAN’S FAMOUS	UNITED STATES	Restaurants / Chains
12/2025	YADAV ENTERPRISES	DEL TACO HOLDINGS	UNITED STATES	Restaurants / Chains
12/2025	B & CAPITAL	GROUPE PARTIR-VISITEURS (GPV)	FRANCE	Tour Operators
10/2025	RACETRAC	POTBELLY CORPORATION	UNITED STATES	Restaurants / Chains
10/2025	BPIFRANCE / BRED BANQUE POPULAIRE	ERIGEA LOISIRS	FRANCE	Leisure Facilities
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REFERENCES

Valuation range: EV $500M–1.5bn

Revenue range: $250–500M

EBITDA range: $50–100M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

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: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: denny's

FAQ

What transaction does this page cover?

This page covers the acquisition of 100% of Denny's, an American company specialised in Hospitality, by Triartisan Capital Advisors, Treville Capital Group and Yadav Enterprises in 2026, structured as a leveraged buyout (LBO).

How was the acquisition of Denny's by Triartisan Capital Advisors valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $500M–1.5bn band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Denny's’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Denny's generated annual revenue estimated in the $250–500M range and EBITDA in the $50–100M bracket (FY 2024). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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