Dave’s Hot Chicken Acquired in $1B Deal, Plots Global Expansion.
One of America’s fastest-growing fried chicken chains just got a billion-dollar boost. Dave’s Hot Chicken has been acquired by Roark Capital in a massive $1 billion deal that will help fuel the company’s aggressive global expansion.
The Los Angeles-born brand, known for its spicy sliders and long lines of devoted fans, announced the investment will support its next phase of growth—one that includes opening more than 155 new locations this year alone.
With over 300 restaurants already operating, Dave’s expects to surpass 400 locations by the end of 2025, solidifying its status as a heavyweight in the fast-casual chicken game.
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The story behind Dave’s Hot Chicken reads like a startup dream. Launched in 2017 by three childhood friends with just $900, the brand got its humble start in a parking lot with nothing but portable fryers and folding tables. It wasn’t long before they opened their first brick-and-mortar spot—and quickly caught the attention of franchise veteran Bill Phelps, former CEO of Wetzel’s Pretzels.
In 2019, Phelps joined the team and helped scale the brand through franchising. Today, Dave’s Hot Chicken has sold the rights to over 1,000 franchise locations across the U.S., Canada, and the Middle East.
"This is one of the great entrepreneurial journeys of our time, and now we begin the next chapter in the story," said Phelps, who now serves as CEO.
Roark Capital, based in Atlanta, is no stranger to the restaurant world. With $40 billion in assets under management, the firm has built a powerful portfolio including Arby’s, Culver’s, and most recently Subway. It also backs GoTo Foods and Inspire Brands, the parent company of Dunkin', Sonic, and Buffalo Wild Wings.
With Roark’s backing, Dave’s Hot Chicken is poised to scale even faster while maintaining its cult-favorite appeal. From a parking lot pop-up to a global franchise, the brand's meteoric rise is a testament to hustle, flavor, and the power of a great idea—and now, with deep-pocketed support, its spicy empire is only just getting started.
