Private equity firm Roark Capital has purchased rising chicken restaurant chain Dave’s Hot Chicken in a deal worth an estimated $1 billion. The acquisition brings Dave’s into Roark’s growing portfolio of brands, including Subway and Dunkin’. CEO Bill Phelps expressed excitement about the partnership, looking forward to further growth and value creation for franchise partners.
Dave’s Hot Chicken began as a popup business in Los Angeles in 2017 and has since expanded to over 300 locations across the US, Canada, and the Middle East. Licensing agreements have also been secured for more than 1,000 locations globally. The company remains committed to its signature Nashville hot chicken concept, having received investments from notable figures such as Drake and Michael Strahan.
The four founders of Dave’s Hot Chicken will continue to play a significant role in driving brand growth, maintaining their involvement under Roark Capital’s ownership. This acquisition is another strategic move by Roark to expand its portfolio of brands and tap into the growing demand for chicken restaurants.
Source: https://www.mlive.com/news/2025/06/rising-hot-chicken-chain-bought-by-subway-parent-company-plans-to-open-155-locations-this-year.html