Restaurant chain Denny’s announced on Monday it would be acquired by a group comprising TGI Fridays-owner TriArtisan Capital Advisors in a $620 million deal, including debt.

Under the agreement, the group, which also consists of investment firm Treville Capital and restaurant-operator Yadav Enterprises, would offer Denny’s stockholders $6.25 per share in cash for each owned.

The purchase price implies a premium of 52.1% to stock’s last close. Shares of Denny’s, known for its inexpensive breakfast menu, surged nearly 48% after the bell.

The deal marks the latest in a wave of private equity buyouts of restaurant chains in recent years, following acquisitions of brands such as sandwich chain Subway and Dave’s Hot Chicken.

In October, Reuters reported citing people familiar with the matter that Apollo Global Management had submitted a fresh bid to take pizza chain Papa John’s private.

Denny’s deal with the group is expected to close in the first quarter of 2026, following which the company’s common stock would no longer be listed on the Nasdaq.

—

(Reporting by Prerna Bedi in Bengaluru; Editing by Shilpi Majumdar)