Keke's Breakfast Cafe acquired by Denny's

UNITED STATES Hospitality & Leisure / Hospitality / Restaurants / Chains EV $50–150M

Context

Denny's Corporation acquired 100% of the assets of Keke's Breakfast Cafe. The transaction was funded through a combination of cash on hand and borrowings from Denny's existing revolving credit facility. Strategically, the acquisition allows Denny's to enter the fast-growing "A.M. eatery" segment with a proven, higher-price-point brand that complements its core diner business without cannibalizing its existing customer base. Keke's will operate as an independent subsidiary, maintaining its own leadership team, branding, and operational strategies to preserve its unique identity and millennial appeal. Denny's intends to leverage its extensive franchising infrastructure to scale Keke's into a multi-state brand, aiming to become a leading franchisor in the premium breakfast space. This deal highlights a consolidation trend in the restaurant industry where established giants acquire niche, high-growth concepts to capture shifting consumer preferences toward daytime-only dining and premium breakfast experiences.

Keke's Breakfast Cafe, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

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Target

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.

Ent. Value

$50–150M

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (USD)

Year

Rev

EBITDA

EBIT

2022

2021

Other operations with Denny's

Other operations with Denny's
Date	Acquirer	Target	Country	Sector
01/2026	TRIARTISAN CAPITAL ADVISORS / TREVILLE CAPITAL GROUP / YADAV ENTERPRISES	DENNY'S	UNITED STATES	Restaurants / Chains

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REFERENCES

Valuation range: EV $50–150M

EBITDA range: $5–25M

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 Keke's Breakfast Cafe by Denny's 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: keke's breakfast cafe

FAQ

What transaction does this page cover?

This page covers Denny's’s acquisition of 100% of Keke's Breakfast Cafe, an American company specialised in Hospitality, in 2022.

How was the acquisition of Keke's Breakfast Cafe by Denny's valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $50–150M band and its EV/EBITDA multiple within the 10x - 18x range. Exact figures are available to members.

What was Keke's Breakfast Cafe’s EBITDA at the time of the deal?

At the time of the transaction, Keke's Breakfast Cafe’s EBITDA was estimated within the $5–25M bracket (FY 2022). 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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