Roark Capital acquires Dave’s Hot Chicken for $1bn
US-based private equity company Roark Capital has acquired fast-casual restaurant chain Dave’s Hot Chicken for $1bn, as reported by The Associated Press.
In February 2025, Roark Capital announced that it was in talks to buy the chain.
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Dave’s Hot Chicken, which began as a pop-up in a Los Angeles parking lot in 2017, is projected to reach 400 restaurants globally by the end of this year. The brand has garnered attention from investors, including the rapper Drake.
Despite the change in ownership, Dave’s Hot Chicken’s leadership team, including CEO Bill Phelps and the four friends who founded the company, will remain intact.
They will continue to steer the brand’s direction, focusing on menu, quality of food, operations and marketing.
Phelps stated: “Our entire organisation 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.”
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By GlobalDataNorth Point Mergers & Acquisitions acted as Dave’s exclusive financial advisor.
In 2024, the brand broadened its menu with the introduction of Top-Loaded Fries.
In early 2025, it brought back Dave’s NOT Chicken, featuring cauliflower-base items, for a limited period at all North American outlets.
Roark’s investment strategy is centred on franchise and franchise-like business models, with its portfolio encompassing undustries such as food, restaurants, consumer and business services, health, wellness and fitness, and education and youth activities.
In 2023, it acquired the Subway sandwich chain and it also has stakes in Inspire Brands and GoTo Foods – both holding companies with multiple restaurant brands.
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