Nelson Peltz’s Trian weighs taking Wendy’s private, seeking outside financing

Nelson Peltz’s take-private push comes as Wendy’s confronts a deeper problem: a brand that has lost cultural momentum.

One-third drop in the fast-food chain’s share price has created another opportunity for Trian

The Wendy’s Company could go private if billionaire Nelson Peltz has anything to say about it. The Trian Fund Management cofounder is looking for outside investors to help with a takeover of Wendy’s, the Financial Times reports. The news isn’t exactly surprising—in February, Trian used its regulatory filing to announce it might sell its stake or attempt a takeover of Wendy’s.  Peltz and Trian currently own a 16% stake in Wendy’s, along with the Peltz family’s minority stake in a New York-area Wendy’s franchise owner. Peltz’s son, Bradley Peltz, and Trian cofounder and president Peter May are also on the board of Wendy’s. Fast Company reached out to Trian and Wendy’s for comment. Shares of The Wendy’s Company (Nasdaq: WEN) rose almost 17% yesterday on the news but the stock was essentially flat in premarket trading on Wednesday. Accounting for yesterday’s boost, the stock is down roughly 33% over the past 12 months.   Taking major retail chains private is not a new strategy. In recent years, Denny’s, Walgreens, and Barnes & Noble have all gone private.  What’s going on at Wendy’s? Like many fast-food restaurants, Wendy’s has been struggling. On May 8, the company released first-quarter results that beat analysts’ estimates but saw disappointments like a 7.8% drop in U.S. same-restaurant sales. It also reported a net loss of 174 U.S. restaurants over the last two quarters.  Wendy’s did see 3.3% revenue growth year-over-year (YOY), with its international stores (1,446 locations compared to 5,805 in the U.S.) seeing more success. The fast food company announced that it will launch up to 1,000 locations across China in the next decade. In October, Wendy’s announced Project Fresh, a turnaround plan that includes brand revitalization, system optimization, and capital allocation, among other changes to drive growth and profits. On an investor call the following month, Wendy’s further elaborated on a plan that would also include the closure of hundreds of U.S. locations.  In its most recent report, Wendy’s interim CEO Ken Cook expressed confidence in the plan, stating, “While our first quarter results reflect a business in the early stages of a turnaround, we are making progress to improve our U.S. business and are confident in the direction we are heading.” Wendy’s has yet to comment on Trian’s potential bid, but it said in February that it would “carefully evaluate” one if it appeared.

Nelson Peltz's Trian Discussing Wendy's Go-Private Takeover Shares of Wendy's jumped in premarket trading after the Financial Times reported that Nelson Peltz's Trian Fund Management is considering taking the hamburger chain private and is seeking investors to back the deal. FT noted: Trian in recent weeks has held discussions with outside investors, including in the Middle East, about financing a potential takeover of Wendy's, according to people familiar with the matter. Earlier this year, Trian stated in a regulatory filing that Wendy's is "currently undervalued," fueling speculation that Peltz would push for significant changes. FT's report continued: Trian has not made a formal approach to buy Wendy's and there is no guarantee that the financing discussions will result in a takeover bid, the people said. Peltz pushed for Wendy's to consider strategic options in 2022 before backing down a year later. Trian's possible take-private bid comes as Wendy's stock remains locked in a 72% bear market since its 2020 peak near $25 per share. The chain has faced sluggish traffic, higher beef costs, and intensified competition from McDonald's, Burger King, and Chipotle. Wendy's shares track USDA retail beef prices (inverted) ... Wendy's is currently executing a "Fresh Start" turnaround plan to boost U.S. sales, update its menu, and shutter underperforming restaurants. For Peltz, Wendy's current valuation appears to be 'price is right'… Tyler Durden Tue, 05/12/2026 - 13:35

In February, he said Wendy's stock was undervalued, and that he had spoken with possible financing sources about possible deals, including an acquisition or other major transactions.