M&A Deal Summary

TriArtisan Capital Advisors and Yadav Enterprises Acquire Denny s

On November 3, 2025, private equity firm TriArtisan Capital Advisors and Yadav Enterprises acquired restaurant Denny s for 620M USD

Acquisition Highlights
  • This is TriArtisan Capital Advisors’ 4th and Yadav Enterprises’ 2nd transaction in the Restaurants sector.
  • This is TriArtisan Capital Advisors’ and Yadav Enterprises’ largest (disclosed) transaction.
  • This is TriArtisan Capital Advisors’ 8th and Yadav Enterprises’ 2nd transaction in the United States.
  • This is TriArtisan Capital Advisors’ 1st and Yadav Enterprises’ 1st transaction in South Carolina.

M&A Deal Summary

Date 2025-11-03
Target Denny s
Sector Restaurants
Buyer(s) TriArtisan Capital Advisors
Yadav Enterprises
Deal Type Going Private
Deal Value 620M USD
Advisor(s) Truist Securities (Financial)
Morgan Lewis
Sidley
Caiola & Rose
Wilkinson Barker Knauer (Legal)

Target

Denny s

Spartanburg, South Carolina, United States
Denny’s operates a network of casual dining restaurants serving breakfast, lunch, and dinner items across the United States and internationally. Denny's menu includes traditional diner fare such as pancakes, burgers, sandwiches, and salads, with many locations open 24 hours a day. Denny’s was founded in 1953 and is headquartered in Spartanburg, South Carolina.

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Buyer(S) 2

DESCRIPTION

TriArtisan Capital Advisors is a private equity firm focused on mid-sized company investments and acquisitions. The Firm targets profitable companies with $25 to $300 million of EBITDA operating in a variety of industries including retail, business services, industrial, media, and healthcare. Prospective transaction situations include buyouts, growth equity investments, spin-offs, carve-outs, roll-ups, recapitalizations, and restructurings. TriArtisan Capital Advisors was established in 2002 and is headquartered in New York, New York.


DEAL STATS #
Overall 8 of 8
Sector: Restaurants M&A 4 of 4
Type: Going Private M&A Deals 3 of 3
State: South Carolina M&A 1 of 1
Country: United States M&A 8 of 8
Year: 2025 M&A 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-31 HOA

Atlanta, Georgia, United States

HOA is an operator of over 430 Hooters restaurants in 44 states and 27 foreign countries. HOA is well-known for its brand of food and fun, featuring a casual beach-theme atmosphere, a menu that features seafood, sandwiches and Hooters nearly, chicken wings, and service provided by the All-American cheerleaders, the Hooters Girls. HOA was founded in 1983 and is based in Atlanta, Georgia.

Sell -
Buyer

Yadav Enterprises

Fremont, California, United States

Category Company
Sector Restaurants
DESCRIPTION

Yadav Enterprises operates restaurant franchises, including Jack in the Box, Denny’s, and TGI Friday’s, and owns the Taco Cabana brand, a fast-casual, Tex-Mex restaurant chain consisting of 150 locations, and Nick the Greek, a fast-casual, Greek restaurant chain consisting of 90 locations. Yadav Enterprises is based in Fremont, California.


DEAL STATS #
Overall 2 of 2
Sector: Restaurants M&A 2 of 2
Type: Going Private M&A Deals 1 of 1
State: South Carolina M&A 1 of 1
Country: United States M&A 2 of 2
Year: 2025 M&A 2 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-16 Del Taco

Lake Forest, California, United States

Del Taco offers a unique variety of both Mexican and American favorites such as burritos and fries, prepared fresh in every restaurant's working kitchen with the value and convenience of a drive-thru. Del Taco's menu items taste better because they are made with quality ingredients like freshly grilled chicken and carne asada steak, fresh house-made guacamole, freshly grated cheddar cheese, slow-cooked beans made from scratch, and creamy Queso Blanco. It serves more than three million guests each week at its approximately 600 restaurants across 16 states. Del Taco’s commitment to providing guests with the best quality and value for their money originates from cooking, chopping, shredding, and grilling menu items from scratch. Del Taco was founded in 1964 and is based in Lake Forest, California.

Buy $115M