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đź”´ PRIVATE EQUITY OWNED
Denny's
diner · Spartanburg, SC
PE Firm
TriArtisan Capital / Keke's Restaurants
Acquirer
Keke's Restaurants LLC
Year Acquired
2025
“The last 24-hour diner standing just got a PE landlord.”
The PE Playbook
- •Keke's Restaurants LLC acquired Denny's in 2025 after the chain closed 150 underperforming locations
- •Same restaurant traffic had been declining for multiple consecutive quarters before the sale
- •Founded in 1953 as Danny's Donuts — survived 70 years independently before PE came calling
- •TriArtisan Capital (same firm behind TGI Friday's bankruptcy) has ties to the acquisition group
Since the Acquisition
- ▸88 restaurants closed in 2024, with 70 to 90 more closures planned for 2025 — roughly 150 total locations shuttered
- â–¸Buyer TriArtisan Capital's track record includes two restaurant chain bankruptcies: TGI Fridays (2024) and Hooters (2025)
- ▸Menu prices climbed steeply — viral posts showed a Lumberjack Slam at $17.99 and burgers at $11.39 with no sides
- â–¸Five consecutive quarters of same-store sales declines before the acquisition