M&A · Industrials · Retail-Eating Places
TriArtisan Capital Advisors to acquire Denny's Corp
Announced Nov 3, 2025 · Closed Jan 16, 2026
Deal value$620MEV $620M
Premium52.1%To unaffected price
EV / Adj. EBITDA8.4x1.4x EV / Revenue
ConsiderationAll cash$6.25 per share
Transaction
- Acquirer
- TriArtisan Capital Advisors
- Target
- Denny's Corp (DENN)
- Buyer type
- Private equity
- Offer price per share
- $6.25
- Enterprise value
- $620M
- Status
- Closed Jan 16, 2026
Deal protections
- Break fee (target pays)
- $10.3M · 1.7%
- Reverse fee (buyer pays)
- $17.2M · 2.8%
- Go-shop
- No-shop
- Financing
- Committed · Truist Securities, Wells Fargo
Advisors
- To the acquirer
- Not disclosed
- To the target
- Truist Securities
- Truist Securities fee
- $9.3M
Sector context · Industrials
- Comparable deals
- 95 in the prior 24 months
- Premium
- 52.1% vs. 37.0% sector median
- EV / Adj. EBITDA
- 8.4x vs. 9.6x sector median
- Break fee
- 1.7% vs. 2.5% sector median
Timeline
- AnnouncedNov 3, 2025
- Proxy filedNov 18, 2025
- Definitive proxyDec 1, 2025
- Shareholder voteJan 13, 2026
- ClosedJan 16, 2026
Valuation · fairness opinions
Trading comparables$4.35$5.74
Precedent transactions$4.87$6.24
Discounted cash flow$5.13$7.11
Offer $6.25
Implied value per Denny's Corp share by analysis, from Truist Securities · DCF discount rate 11.5%–12.5%.