SPARTANBURG, SC - Denny’s Corporation, owner and operator of Denny’s Inc. and Keke’s Inc., announced the successful completion of its previously announced acquisition by TriArtisan Capital Advisors LLC, Treville Capital Group and Yadav Enterprises, Inc. The transaction closed following approval by Denny’s stockholders as well as satisfaction of all required regulatory and customary closing conditions.
With the support of TriArtisan, Treville and Yadav Enterprises, Denny’s will have enhanced flexibility and resources to invest in its brands, support franchisees and accelerate its growth initiatives.
“Today represents an important milestone for Denny’s and Keke’s as we embark on our next chapter under new ownership,” said Kelli Valade, Chief Executive Officer of Denny’s Corporation, in the recent release. “Our dedication to supporting franchisees and commitment to serving our guests remain the same. We are grateful for the hard work of our employees and franchisees who represent our restaurants with pride every day. With the support of our new owners, we look forward to continuing to serve and delight guests across the nation.”
“Denny’s is an iconic piece of the American dream, with a renowned brand, a strong franchise base and loyal customers,” said Rohit Manocha, Co-Founder and Managing Director at TriArtisan. “Our team has significant investment experience in the restaurant industry, and our acquisition of Denny’s builds on our success with other full-service restaurant concepts. We look forward to working with Kelli and the rest of the Denny’s team and franchisees to provide resources and support the Company’s long-term strategic growth plans.”
In connection with closing, Denny’s stockholders received $6.25 per share in cash for each share of Denny’s common stock they own. Denny’s common stock will cease trading on Nasdaq, effective as of the close of the trading session.
Advisors
Truist Securities is serving as financial advisor to Denny’s Corporation, and Morgan, Lewis & Bockius LLP, Sidley Austin LLP and Caiola & Rose, LLC are serving as its legal advisors. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to Denny’s Corporation. Global Leisure Partners LLP is serving as financial advisor to TriArtisan, and Ropes & Gray LLP is serving as its legal counsel. Choate, Hall & Stewart LLP is serving as Treville’s legal counsel, and Yadav Enterprises is being advised by its General Counsel, Steven M. Kries.
