Dave’s Hot Chicken Sold to Roark Capital in $1 Billion Deal to Fuel Global Expansion

Just eight years after launching in a Los Angeles parking lot, Dave’s Hot Chicken has been acquired by private equity giant Roark Capital in a deal valued at approximately $1 billion. The acquisition marks a significant milestone for the rapidly growing chicken chain, which now operates over 400 locations globally and has sold the rights to more than 1,000 franchise units across the United States, Middle East and Canada. With plans to open 155+ new restaurants this year alone, Dave’s is positioning itself for an aggressive growth trajectory.

“This is one of the great entrepreneurial journeys of our time, and now we begin the next chapter in the story,” said Bill Phelps, Dave’s Hot Chicken’s CEO, in a press release. “Our entire organization is excited about the fit between Dave’s Hot Chicken and Roark, and we’re looking forward to continuing to blow our guests’ minds and unlocking growth and value for our franchise partners.”

Phelps has previously projected the chain could reach up to 4,000 units worldwide within the next decade. The leadership team will remain in place, continuing to focus on innovation across the menu, operations, branding, and digital experience.

Roark Capital, based in Atlanta, manages over $40 billion in equity and is known for its robust portfolio of restaurant and franchise brands, including Dunkin’, Arby’s, Sonic, and Buffalo Wild Wings. The firm also made headlines in 2023 for its $10 billion acquisition of Subway. Roark’s acquisition of Dave’s Hot Chicken further cements its position as a major player in the fast-casual and QSR space, betting on high-growth concepts with strong franchising potential.

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