Roark Capital, the private equity firm behind several major restaurant chains, has acquired Dave’s Hot Chicken in a deal valued at $1 billion.
The acquisition comes just months after reports of a potential sale surfaced. Dave’s Hot Chicken, known for its Nashville-style spicy chicken, began as a pop-up in a Los Angeles parking lot in 2017. Since then, it has expanded rapidly, now operating 400 locations worldwide in cities including New York, Toronto, and Dubai.
Roark Capital owns Inspire Brands, the parent company of Arby’s, Buffalo Wild Wings, Dunkin’, and Sonic, as well as other major names like Auntie Anne’s, Cinnabon, and Subway. The firm specializes in franchised businesses.
Despite the ownership change, Dave’s Hot Chicken will maintain its core leadership. CEO Bill Phelps and the four co-founders will continue to oversee menu development, food quality, operations, and marketing. “Our entire organization is excited about the fit between Dave’s Hot Chicken and Roark,” Phelps said in a statement. He added that the team looks forward to continued growth and delivering value to franchise partners.
Celebrity investor Drake, who has supported the brand and partnered on marketing campaigns—including an annual birthday giveaway—was among several high-profile figures linked to the company before the acquisition.
In the first half of 2025, Dave’s Hot Chicken has continued its rapid expansion, opening new locations in cities such as Bakersfield, California; Omaha, Nebraska; Sandy Springs, Georgia; Springfield, Oregon; and Pickering, Ontario.
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