Copyright hellomagazine
Huge news for fans of the breakfast chain Denny's! The iconic restaurant has been acquired in a $620 million deal. The news came on Monday, November 3 that Denny's would be bought by three groups after struggling with customer preferences and increased competition. The restaurant first went public and began trading on the New York Stock Exchange in 1969. But, after 57 years, the recent acquisition means Denny's is now private. The new owners hope to bring forth a new chapter for the declining breakfast chain. Denny's will be purchased by three different investors – the private equity investment company TriArtisan Capital Advisors, the investment firm Treville Capital, and one of Denny's largest franchises, Yadav Enterprises. Rhohit Manocha, the co-founder and managing director of TriArtisan, said in a statement that Denny's is "an iconic piece of the American dream," and that he looks "forward to working with Kelli [Valade, Denny's CEO] and the rest of the team and franchises to provide resources and support the Company's long-term strategic growth plans." The breakfast chain was founded in 1953 in Lakewood, California as Danny's Donuts by Richard Jezak and Harold Butler. Three years later, Harold shifted it from a donut shop to a 24-hour coffee shop called Danny's Coffee Shops. Another three years later, he renamed the store to Denny's Coffee Shops to avoid confusion with the Los Angeles based chain Coffee Dan's. The brand we know and love today was truly started in 1961 when Harold landed on "Denny's." By 1981, there were over 1,000 Denny's restaurants across the United States. The chain featured the iconic and still-popular Grand Slam breakfast which consists of two eggs, two strips of bacon, two sausage links, and two pancakes. During the COVID pandemic, the restaurant chain struggled. Denny's experienced plunging sales which hurt their business. To try and solve the problem, Denny's acquired the Orlando-based chain Keke's Breakfast Cafe for $82.5 million in 2022. During that same year, Kelli Valade joined as CEO, after previously working for Red Lobster, Black Box Intelligence, and Chili's. Last fall, the restaurant closed 150 of its lowest-performing locations. As of 2025, there are 1,323 locations in the United States, and 1,558 locations globally. To combat their slow business, the CEO and the board conducted a search for potential buyers. They reached out to more than 40 candidates and received multiple offers. The board unanimously approved the agreement from the three investors, which gives shareholders $6.25 per share in cash for each share of Denny's common stock they own. That represents a 52% premium to Denny's closing stock. The next step in the acquisition process relies on the shareholders. If they accept the deal, the transaction is expected to close within the first quarter of 2026.
