TL;DR
Denny's Corporation has completed its acquisition of Keke's Breakfast Café for $82.5 million. The acquisition includes certain assets, assumed liabilities, and eight restaurants owned and operated by the sellers.
SPARTANBURG, S.C., July 20, 2022 // GLOBE NEWSWIRE // - Denny’s Corporation (NASDAQ: DENN) announced the completion of its acquisition of Keke’s Breakfast Café from K2 Restaurants, Inc. together with other sellers and principals party thereto. Denny’s acquired certain assets and assumed certain liabilities of the franchise business, Keke’s Breakfast Café, along with eight restaurants owned and operated by the sellers. The purchase price of $82.5 million was settled by utilizing cash on hand as well as funds from the company’s revolving credit facility.
“We are excited to officially welcome the Keke’s Breakfast Café team and franchisees to the Denny’s family,” said Kelli Valade, Chief Executive Officer and President. “This acquisition provides an exciting expansion opportunity through a complementary concept that serves a different guest and can enhance value for our shareholders.”
Keke's Breakfast Cafe offers handmade breakfast and lunch entrees with fresh fruits and vegetables. It will continue operating independently from Denny's with its own leadership, strategies, products, marketing, operations, and development initiatives.
In this story
This story was originally published in Franchising.com on July 21, 2022. Burnaze summarizes and links to the original reporting.
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