Back

Fairness Opinion Detail

Denny's to Tri Artisan Capital

RestaurantsFull-Service/Nov 2025/Truist Securities

Deal Information

Target
Denny's
Acquiror
Tri Artisan Capital
Target Type
Public
Acquiror Type
Financial
Advisors
Truist Securities

Transaction Metrics

Enterprise Value
$620M
EV / LTM Sales
1.4x
EV / LTM EBITDA
8.0x
EV / Fwd EBITDA

Advisor Transaction Comparables

Comparable transactions cited by the advisor, excluding the subject transaction.

Advisor: Truist Securities

EV / LTM Adj. EBITDA selected range: 7.0x - 8.0x

14 comps
-Chuy’s
Date printed is the closing date ('Closed Date' column). EV: for transactions with significant real estate value and an associated sale-leaseback, adjusted to exclude sale-leaseback proceeds, EBITDA burdened for pro forma rent where applicable (DEFA14A footnote 1).
Darden Restaurants$605M-9.7x-
-Ruth’s Hospitality
Date printed is the closing date ('Closed Date' column). EV: for transactions with significant real estate value and an associated sale-leaseback, adjusted to exclude sale-leaseback proceeds, EBITDA burdened for pro forma rent where applicable (DEFA14A footnote 1).
Darden Restaurants$714M-8.0x-
-J. Alexander’s Holdings
Date printed is the closing date ('Closed Date' column). EV: for transactions with significant real estate value and an associated sale-leaseback, adjusted to exclude sale-leaseback proceeds, EBITDA burdened for pro forma rent where applicable (DEFA14A footnote 1).
SPB Hospitality$217M-9.0x-
-Del Frisco’s Restaurant Group
Date printed is the closing date ('Closed Date' column). EV: for transactions with significant real estate value and an associated sale-leaseback, adjusted to exclude sale-leaseback proceeds, EBITDA burdened for pro forma rent where applicable (DEFA14A footnote 1).
L Catterton$650M-12.3x-
-Bravo Brio Restaurant Group
Date printed is the closing date ('Closed Date' column). EV: for transactions with significant real estate value and an associated sale-leaseback, adjusted to exclude sale-leaseback proceeds, EBITDA burdened for pro forma rent where applicable (DEFA14A footnote 1).
Spice Private Equity$101M-6.1x-
-Fogo de Chao
Date printed is the closing date ('Closed Date' column). EV: for transactions with significant real estate value and an associated sale-leaseback, adjusted to exclude sale-leaseback proceeds, EBITDA burdened for pro forma rent where applicable (DEFA14A footnote 1).
Rhone Capital$560M-9.4x-
-Ruby Tuesday
Date printed is the closing date ('Closed Date' column). EV: for transactions with significant real estate value and an associated sale-leaseback, adjusted to exclude sale-leaseback proceeds, EBITDA burdened for pro forma rent where applicable (DEFA14A footnote 1).
NRD Capital Management$157M-6.2x-
-Buffalo Wild Wings
Date printed is the closing date ('Closed Date' column). EV: for transactions with significant real estate value and an associated sale-leaseback, adjusted to exclude sale-leaseback proceeds, EBITDA burdened for pro forma rent where applicable (DEFA14A footnote 1).
Arby’s / Roark Capital$2.9B-10.2x-
-Bob Evans Restaurants
Date printed is the closing date ('Closed Date' column). EV: for transactions with significant real estate value and an associated sale-leaseback, adjusted to exclude sale-leaseback proceeds, EBITDA burdened for pro forma rent where applicable (DEFA14A footnote 1).
Golden Gate Capital$539M-6.5x-
-Frisch’s
Date printed is the closing date ('Closed Date' column). EV: for transactions with significant real estate value and an associated sale-leaseback, adjusted to exclude sale-leaseback proceeds, EBITDA burdened for pro forma rent where applicable (DEFA14A footnote 1).
NRD Capital Management$172M-7.8x-
-Red Lobster
Date printed is the closing date ('Closed Date' column). EV: for transactions with significant real estate value and an associated sale-leaseback, adjusted to exclude sale-leaseback proceeds, EBITDA burdened for pro forma rent where applicable (DEFA14A footnote 1).
Golden Gate Capital$613M-5.7x-
-CEC Entertainment
Date printed is the closing date ('Closed Date' column). EV: for transactions with significant real estate value and an associated sale-leaseback, adjusted to exclude sale-leaseback proceeds, EBITDA burdened for pro forma rent where applicable (DEFA14A footnote 1).
Apollo Global Management$1.3B-7.3x-
-PF Chang’s
Date printed is the closing date ('Closed Date' column). EV: for transactions with significant real estate value and an associated sale-leaseback, adjusted to exclude sale-leaseback proceeds, EBITDA burdened for pro forma rent where applicable (DEFA14A footnote 1).
Centerbridge$1.1B-8.8x-
-California Pizza Kitchen
Date printed is the closing date ('Closed Date' column). EV: for transactions with significant real estate value and an associated sale-leaseback, adjusted to exclude sale-leaseback proceeds, EBITDA burdened for pro forma rent where applicable (DEFA14A footnote 1).
Golden Gate Capital$454M-6.9x-
Mean-8.1x-
Median-7.9x-

DCF Assumptions

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

Truist Securities

Open
WACC
11.5% – 12.5%
Terminal method
Perpetuity growth
Terminal assumption
2.0% – 3.0%
Forecast basis
-
Forecast period
through 2029 (Denny's Projections)
Compare across opinions →