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Private equity's hunger for restaurant deals is under the heat lamp as once-popular eateries struggle to court more cost-conscious consumers.

Driving the news: Breakfast chain Denny's will be taken private by TriArtisan Capital Advisors in a deal worth $322 million, it said Tuesday.

Pizza Hut owner Yum Brands said Tuesday it will explore a strategic review for the underperforming fast-casual pizza chain, with help from Goldman Sachs and Barclays.

Private equity-backed chicken chain Bojangles is also reportedly on the market.

Yes, but: "Consumers are cooking at home at the highest levels since early 2020," Campbell's CEO Mick Beekhuizen said in June.

Shares of Chipotle, Sweetgreen, Cava, and Noodles & Co. plunged this past week as consumers lose their appetite for going out to eat.

Apollo recently bailed on a bid for Papa Johns that would have valued the pizza chain at over $2.1 billion.

Catch up quick: Roark Capital recently snapped up Dave's Hot Chicken and Subway, Blackstone acquired sandwich-maker Jersey Mike's, and Sycamore Partners bought fruit bowl and smoothie shop Playa Bowls.

Friction point: It still begs the question of how private equity buyers will create value for food joints losing foot traffic, outside of clear turnaround plays.

"The players that have low margins and took too much price are really going to struggle," says Alex Sloane, a cofounder of Garnett Station Partners, which backs restaurants Pollo Tropical and Primanti Bros.

What we're watching: If the bet on Denny's pays off, or if the chain eventually joins fellow TriArtisan-backed restaurants Hooters and TGI Fridays in filing for bankruptcy

Private equity is taking a bite out of restaurants

PE hunger for restaurant deals is under the heat lamp as once-popular eateries struggle to court more cost-conscious consumers.

Illustration of a stock trend line with the arrow made from a pizza slice

Private equity&#x27;s hunger for restaurant deals is under the heat lamp as once-popular eateries <a class="gtmContentClick" data-vars-link-text="struggle" data-vars-click-url="https://www.axios.com/2025/08/08/wendys-pizza-hut-fast-food-economy" data-vars-content-id="92132003-9605-4715-b54a-1d82beb27729" data-vars-headline="Private equity is taking a bite out of restaurants" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/08/08/wendys-pizza-hut-fast-food-economy" target="_self">struggle</a> <a class="gtmContentClick" data-vars-link-text="to court" data-vars-click-url="https://www.axios.com/2025/08/20/value-meal-mcdonalds-target-prices-kohls-coupons" data-vars-content-id="92132003-9605-4715-b54a-1d82beb27729" data-vars-headline="Private equity is taking a bite out of restaurants" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/08/20/value-meal-mcdonalds-target-prices-kohls-coupons" target="_self">to court</a> more <a class="gtmContentClick" data-vars-link-text="cost-conscious consumers" data-vars-click-url="https://www.axios.com/2025/09/09/inflation-big-beautiful-bill-consumer-spending" data-vars-content-id="92132003-9605-4715-b54a-1d82beb27729" data-vars-headline="Private equity is taking a bite out of restaurants" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/09/09/inflation-big-beautiful-bill-consumer-spending" target="_self">cost-conscious consumers</a>.Driving the news: Breakfast chain Denny&#x27;s will be <a class="gtmContentClick" data-vars-link-text="taken private" data-vars-click-url="https://www.axios.com/newsletters/axios-pro-rata-374cba22-2557-4873-b822-0d1047bda766" data-vars-content-id="92132003-9605-4715-b54a-1d82beb27729" data-vars-headline="Private equity is taking a bite out of restaurants" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/newsletters/axios-pro-rata-374cba22-2557-4873-b822-0d1047bda766" target="_self">taken private</a> by TriArtisan Capital Advisors in a deal worth $322 million, it said Tuesday.

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Private equity is taking a bite out of restaurants

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