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Nelson Peltz's Trian seeks investors to potentially take Wendy's private
Trian, Wendy's largest shareholder with a 16% stake, has been reviewing strategic alternatives that include gaining full control and taking the burger chain private.
Trian Fund Management, controlled by activist investor Nelson Peltz, is seeking an investor consortium to potentially take Wendy's private, according to a report from the Financial Times cited by Yahoo Finance.
In recent weeks, Trian has reportedly held discussions with outside investors, including backers in the Middle East, to finance a potential takeover. The effort follows Trian's February SEC filing, which said it was reviewing strategic alternatives for Wendy's, including the possibility of gaining full control and delisting the company.
Trian is Wendy's largest shareholder with a 16% stake, and Peltz has an extended history with the restaurant chain, including serving as chairman for nearly two decades. Trian executive Peter May and Peltz's son Bradley remain on Wendy's board.
Wendy's has faced weak operating performance, with US same-store sales down 7.8% in the first quarter after a 11.3% drop in the fourth quarter of 2025. The stock is down 47% over the past year and 75% over the past five years, while the company has a market capitalization of $1.39 billion, per the report.