A possible savior for ailing Wendy’s (WEN) may be emerging, one that is old enough to know the founder’s name was Dave Thomas.
The news: Nelson Peltz’s Trian Fund Management is on the hunt for an investor consortium to take Wendy’s private, according to a new report from the Financial Times on Tuesday. In recent weeks, Trian has reportedly held discussions with outside investors, including in the Middle East, about financing a potential takeover of the chain.
A spokesperson for billionaire Peltz, who is 83, declined to comment to Yahoo Finance. Wendy’s stock rose 5% in premarket trading.
The news of Peltz’s interest shouldn’t come as a complete shocker.
In February, Trian disclosed in an SEC filing that it was reviewing strategic alternatives for the burger slinger. That included the possibility of gaining full control and taking the company private. Trian, Wendy’s largest shareholder with a 16% stake, said the stock is “undervalued.”
Peltz has a long history with Wendy’s, dating back to a 2005 activist campaign. He held the role of chairman at Wendy’s for nearly two decades. Trian executive Peter May and Peltz’s son Bradley remain on the Wendy’s board.
Wendy’s performance has straight-up stunk: Wendy’s last few earnings reports have been abysmal to say the least. This year, first quarter US same-store sales tanked 7.8%, following a 11.3% plunge in the fourth quarter of 2025.
The stock has declined 47% over the past year and 75% over the past five years. The company’s market cap is a paltry $1.39 billion. For perspective, Shake Shack (SHAK) has a market cap of $3 billion with only 555 restaurants worldwide. Wendy’s has more than 7,200 restaurants worldwide. McDonald’s (MCD) market cap stands at $195 billion.
Wendy’s hasn’t made Ken Cook its permanent CEO. He was handed the job in July 2025 after Kirk Tanner abruptly decamped to Hershey’s (HSY) to be its CEO. The lack of that permanent CEO title could be partially weighing on Wendy’s execution, from corporate to franchisee owners. Cook’s decision to move forward with hundreds of store closures probably hasn’t aided morale either.
Cook is promising better days, as most CEOs do.
“Wendy’s has served spicy chicken sandwiches since 1995, and they’re an important part of our brand legacy,” Cook said on an earnings call last week. “To reestablish their popularity, we’ve modernized this fan favorite with the most significant quality upgrade in its history, which we rolled out at the end of the first quarter.”
According to Cook, the upgrade includes a new marinade, a crispy panko-style breading, and a new bun and toppings.
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