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

Denny's Overview

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

United StatesSpartanburg, SC

Status

Acquired

Customer focus

B2C

Revenue model

Product sales

Revenue

$472M (Nov 2025)

Valuation

$620M (acquired Nov 2025)

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.

Denny's acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
  • Triartisan Capital Advisors
4 Nov 2025PE buyout$620M1.3x7.7x

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

Keke’s Breakfast Cafe
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 CountryUnited States
HQ City
New York City, NY
Deal Date3 May 2022
Valuation$83M
EV/Revenue
EV/EBITDA

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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.

Public and private companies comparable to Denny's
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
First WatchUnited StatesUnited StatesPublicly listed$1.2B$104M$623M1.2x
Young's PubsUnited KingdomUnited KingdomPublicly listed$682M$139M$624M1.5x
Meiwei BuyongdengChinaShanghaiPrivate--$628M-
Alsea EuropeSpainMadridPrivate--$607M-
Blank StreetUnited StatesNew York City, NYPrivate$150M-$650M4.3x
Papa John'sUnited StatesUnited StatesPublicly listed$2.1B$181M$662M0.8x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
First Watch$1.2B$104M1.4x1.2x16.1x12.8x
Young's Pubs$682M$139M1.5x1.5x7.5x6.5x
Papa John's$2.1B$181M0.8x0.8x8.7x8.4x
Cannae Holdings$424M($162M)1.8x1.9x(4.6x)(10.7x)
Collins Foods$1.1B$161M1.1x1.1x7.5x6.9x
AmRest$2.9B$461M0.8x0.8x4.8x5.6x
Elior Group$7.1B$394M0.3x0.3x4.8x4.8x
Bloomin Brands$4B$215M0.6x0.6x11.8x8.2x

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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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