Dave’s Hot Chicken Acquired for $1B By Roark Capital

Dave’s Hot Chicken, which began in 2017, announced on Monday that it was acquired by private equity firm (and Subway owner) Roark Capital in a $1 billion deal.

The chicken shop, which specializes in a hot, Nashville-style of the bird, expects to open 155 locations this year and end 2025 with 400 restaurants worldwide, according to a press release.

Not bad for a company that began with a group of childhood friends in an East Hollywood, California, parking lot.

Related: ‘It Was Like a Drug’: How Dave’s Hot Chicken Grew a Cult Following From a Parking Lot

“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.”

According to data from Placer.ai, “Big Chicken” is on the up, and Dave’s Hot Chicken was the leader of the flock, with the “most significant” year-over-year visit growth (67.2% in Q4 2024 and 60.0% in Q1 2025) of all the chicken chains, including Huey Magoo’s, Super Chix, and Raising Cane’s.

Dave Kopushyan, the “Dave” in the name, is one of the founders and the chef who began slinging the now-famous hot chicken using portable fryers and folding tables. He told Entrepreneur in 2022 that the company’s fast success is making them work even harder.

“You just have to be present for all of it,” Kopushyan said. “And you have to believe in your product and use that motivation to keep going.”

Related: Private Equity Giant Blackstone Acquires Jersey Mike’s Subs for $8 Billion

In 2019, Dave’s began franchising, and the company says it has sold the rights to more than 1,000 locations in the U.S., the Middle East, and Canada.

Roark is based in Atlanta and specializes in franchised businesses, per the AP. It purchased Subway sandwiches in 2023 and backs a slew of restaurant chains, from Jimmy John’s to Jamba Juice.

^{Dave’s Hot Chicken Sliders – Courtesy of Dave’s Hot Chicken}