Denny’s $620M Take-Private
For 72 years, it was where America’s night owls met.
Now it’s a PE turnaround bet
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For 72 years, it was where America’s night owls met.
Now it’s a PE turnaround bet
Thread ↓
For decades, Denny’s WAS America
The place where truckers got coffee at 3am.
Where families had Sunday breakfast.
By 2025, Denny’s had lost its rhythm.
Revenues were flat, margins shrinking, and the stock had fallen 34% year-to-date.
The place where truckers got coffee at 3am.
Where families had Sunday breakfast.
By 2025, Denny’s had lost its rhythm.
Revenues were flat, margins shrinking, and the stock had fallen 34% year-to-date.
November 3, 2025: $620M Deal
TriArtisan Capital + Treville + Yadav Enterprises offer $6.25/share
52% PREMIUM!
The stock explodes. Up 50% in hours
TriArtisan Capital + Treville + Yadav Enterprises offer $6.25/share
52% PREMIUM!
The stock explodes. Up 50% in hours
HIDDEN ASSET: Franchise cash machine
94% of Denny’s locations are franchised = they collect royalties without owning buildings or equipment
$471M revenue → $79M EBITDA (17% margins) = predictable cash machine for debt paydown
Asset-light model. Stable cash flows.
94% of Denny’s locations are franchised = they collect royalties without owning buildings or equipment
$471M revenue → $79M EBITDA (17% margins) = predictable cash machine for debt paydown
Asset-light model. Stable cash flows.
Turnaround Playbook
1. Operational Engineering
Close 150+ low-performing units.
Digitize scheduling + ordering.
Rebuild 24/7 operations in high-traffic stores.
2. Menu & Pricing
Smaller SKUs. Better pricing elasticity. Push higher-margin breakfast segments.
3. Platform Leverage
Use TriArtisan’s P.F. Chang’s scale for supply-chain consolidation.
Centralize HR, procurement, and vendor contracts.
4. Growth Pillar
Accelerate Keke’s Breakfast Café from 74 → 150+ locations.
Franchise-first rollout = high-margin growth engine.
1. Operational Engineering
Close 150+ low-performing units.
Digitize scheduling + ordering.
Rebuild 24/7 operations in high-traffic stores.
2. Menu & Pricing
Smaller SKUs. Better pricing elasticity. Push higher-margin breakfast segments.
3. Platform Leverage
Use TriArtisan’s P.F. Chang’s scale for supply-chain consolidation.
Centralize HR, procurement, and vendor contracts.
4. Growth Pillar
Accelerate Keke’s Breakfast Café from 74 → 150+ locations.
Franchise-first rollout = high-margin growth engine.
The Risks
- Same-store sales falling -2.9%[
- Americans want Sweetgreen, not Grand Slams
- Labor costs crushing margins
- 40 years of decline in family dining traffic
Can you really save a brand born in 1953 for the 2025 consumer?
- Same-store sales falling -2.9%[
- Americans want Sweetgreen, not Grand Slams
- Labor costs crushing margins
- 40 years of decline in family dining traffic
Can you really save a brand born in 1953 for the 2025 consumer?
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