Deals (w/e 11/07/25)
Denny’s Corporation Goes Private in $620 Million Buyout
A consortium led by TriArtisan Capital Advisors, Treville Capital, and franchisee Yadav Enterprises is taking Denny’s Corporation private in an all-cash transaction valued at $620 million, including debt. Shareholders will receive $6.25 per share, representing a 52% premium to pre-announcement trading. Denny’s has been struggling with declining same-store sales (-2.9% in Q3) and aging assets. The buyers’ thesis is a turnaround through tighter franchise control, operational resets, and remodeling. Denny’s is a legacy chain with brand equity but little pricing power, so the bet is on cash-on-cash returns, not growth. Leverage will amplify the risk, but the potential for EBITDA expansion through refranchising and overhead cuts is real. Deal strength: moderate. Link
GTCR Acquires Dentalcorp in C$2.2 Billion Deal
GTCR is acquiring Dentalcorp Holdings Ltd. for approximately C$2.2 billion (US$1.6 billion) at C$11.00 per share, a 33% premium to the company’s 20-day VWAP. The Canada-based dental network operates across North America with strong recurring revenue and ~18.7% EBITDA margins. GTCR’s thesis is to double down on the dental roll-up playbook: scale efficiencies, procurement leverage, and centralized operations. The challenge lies in managing hundreds of practices without losing local economics or clinician retention. It’s a familiar move for GTCR—healthcare consolidation with margin expansion potential—but integrating that many small businesses takes discipline. Deal strength: high-medium. Link
The Sterling Group Buys Precision Concepts International
Houston-based The Sterling Group is acquiring Precision Concepts International, a manufacturer of specialty rigid-packaging and medical components, from ONCAP. Deal value wasn’t disclosed, but Sterling typically plays in the $200–$800 million enterprise-value range. Precision Concepts has grown through contract manufacturing in healthcare and consumer goods—steady margins, capital intensity, limited competition. Sterling’s bet is operational optimization: leaner plants, new verticals, and likely a few bolt-ons. It’s an unflashy industrial deal—durable demand, execution grind, predictable returns. Deal strength: medium. Link
MPE Partners’ Webster Industries Acquires Renold Plc for $254 Million
Webster Industries, a portfolio company of MPE Partners, is acquiring Renold Plc, a UK-based manufacturer of industrial chain and torque transmission systems, for an enterprise value of $254 million. The transaction unites two complementary industrial businesses, expanding Webster’s international reach and engineering capabilities. This is a classic MPE industrial synergy play—buy an under-optimized asset with legacy contracts, bring U.S.-style efficiency, and push EBITDA margins north. The integration risk is moderate given the cross-border setup, but the industrial logic is sound: scale, diversification, and backlog absorption. Deal strength: high-medium. Link