- Companies
- Denny's
Denny's Acquisition & Valuation
Denny's was acquired by Triartisan Capital Advisors for $620M in November 2025, a 1.3x multiple on $472M of revenue.
Denny's acquisition price
$620M
Acquired by Triartisan Capital Advisors · Nov 2025
Denny's revenue at acquisition
$472M
Last twelve months · Nov 2025
Denny's revenue multiple at acquisition
1.3x
EV/Revenue · Nov 2025
Denny's EBITDA multiple at acquisition
7.7x
EV/EBITDA · Nov 2025
About Denny's
Denny's Corp is America's franchised full-service restaurant chains based on the number of restaurants. The company owns and operates the Denny’s brand and the Keke’s Breakfast Cafe brand. It provides Pancakes, Appetizers & Soups, Sandwiches & Salads, Breakfast Melts, Omelets, and others. The company generates its revenue from two sources: the sale of food and beverages and the collection of royalties, advertising revenue, initial and other fees, including occupancy revenue, from restaurants operated by their franchisees. Geographically operates in USA states as well as globally like Canada, Mexico, Guatemala, Indonesia, United Kingdom, New Zealand and others. Maximum revenue is from USA and Canada.
Founded
1988
HQ
Website
Status
Acquired
Customer focus
B2C
Revenue model
Product sales
Revenue
$472M (Nov 2025)
Valuation
$620M (acquired Nov 2025)
Sectors
Denny's Acquisition
Denny's was acquired by Triartisan Capital Advisors for $620M on 4 November 2025.
The acquisition price implies a 1.3x revenue and 7.7x EBITDA multiple on $472M of revenue.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 4 Nov 2025 | PE buyout | $620M | 1.3x | 7.7x |
Acquisitions by Denny's
Denny's has acquired 1 company to date.
Last acquisition by Denny's was on May 3rd 2022. Denny's acquired Keke’s Breakfast Cafe for $83M.
Latest Acquisitions by Denny's
| Description | Keke’s Breakfast Cafe is an Orlando-headquartered chain offering handmade breakfast dishes prepared with daily-delivered fresh fruits, vegetables, premium bread, and dairy products. Menu highlights include signature pancakes, custom omelets, waffles, and crepes served at multiple Florida locations emphasizing scratch-made quality. |
| HQ Country | |
| HQ City | New York City, NY |
| Deal Date | 3 May 2022 |
| Valuation | $83M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Denny's acquisitions and their M&A valuation multiples. Start Free Trial | |
Denny's Competitors
Denny's competitors include listed companies like First Watch, Young's Pubs and Papa John's, and private ones like Meiwei Buyongdeng, Alsea Europe and Blank Street.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.2B | $104M | $623M | 1.2x | ||
| Publicly listed | $682M | $139M | $624M | 1.5x | ||
| Private | - | - | $628M | - | ||
| Private | - | - | $607M | - | ||
| Private | $150M | - | $650M | 4.3x | ||
| Publicly listed | $2.1B | $181M | $662M | 0.8x |
Denny's Public Comps
Denny's is no longer listed, but its public comps include First Watch, Young's Pubs, Papa John's, Cannae Holdings, Collins Foods, AmRest, Elior Group, Bloomin Brands, Super Hi International and MTY Food Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.2B | $104M | 1.4x | 1.2x | 16.1x | 12.8x | |||
| $682M | $139M | 1.5x | 1.5x | 7.5x | 6.5x | |||
| $2.1B | $181M | 0.8x | 0.8x | 8.7x | 8.4x | |||
| $424M | ($162M) | 1.8x | 1.9x | (4.6x) | (10.7x) | |||
| $1.1B | $161M | 1.1x | 1.1x | 7.5x | 6.9x | |||
| $2.9B | $461M | 0.8x | 0.8x | 4.8x | 5.6x | |||
| $7.1B | $394M | 0.3x | 0.3x | 4.8x | 4.8x | |||
| $4B | $215M | 0.6x | 0.6x | 11.8x | 8.2x | |||
This data is available for Pro users. Sign up to see all Denny's competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Denny's
| When was Denny's founded? | Denny's was founded in 1988. |
| Where is Denny's headquartered? | Denny's is headquartered in Spartanburg, SC, United States. |
| Is Denny's publicly listed? | No, Denny's was acquired by Triartisan Capital Advisors in November 2025. |
| Who acquired Denny's? | Denny's was acquired by Triartisan Capital Advisors in November 2025. |
| How much was Denny's acquired for? | Denny's was acquired for $620M in November 2025, a 1.3x revenue multiple. |
| Which companies are comparable to Denny's? | Companies comparable to Denny's include First Watch, Young's Pubs, Meiwei Buyongdeng, Alsea Europe, Blank Street and Papa John's. |
| How many companies has Denny's acquired? | Denny's has acquired 1 company, including Keke’s Breakfast Cafe. |
| What was the largest acquisition by Denny's? | The $83M acquisition of Keke’s Breakfast Cafe in May 2022 is the largest acquisition Denny's has made to date. |
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