Roark Acquires 75% Stake in Dave's Hot Chicken

Dave's Hot Chicken, the Los Angeles-based chain founded in 2017, has sold a 75% majority stake to private equity firm Roark Capital at a valuation close to $1 billion. The company operates over 300 restaurants and has sold rights to more than 1,000 franchise locations globally, with plans to surpass 400 locations by the end of the year. CEO Bill Phelps and the founding team will remain in place, emphasizing menu innovation, guest experience, and a strong social media presence to drive further growth. Roark Capital, owner of brands like Subway and Dunkin', will support Dave’s next phase of domestic and international expansion. The deal occurs amid a surge in chicken restaurant popularity and spicy food demand. Dave’s Hot Chicken will maintain its current leadership and marketing approach during expansion.