TriArtisan Capital Advisors, the private equity firm that owns TGI Fridays, has agreed to acquire Denny’s Corp in a $620m take-private deal, marking the latest in a wave of restaurant sector buyouts, according to a report by Reuters.
The investor group – which also includes Treville Capital and Yadav Enterprises, one of Denny’s largest franchise operators – will pay $6.25 per share in cash, representing a 52% premium to the company’s last closing price. Denny’s shares surged nearly 48% in after-hours trading following the announcement.
The transaction includes debt and is expected to close in the first quarter of 2026, after which Denny’s will be delisted from the Nasdaq.
The deal underscores continued private equity appetite for US casual dining brands, following recent acquisitions of Subway, Dave’s Hot Chicken, and reports of a renewed bid by Apollo Global Management for Papa John’s.
