Overview

• Roark Capital completed the $1 billion purchase of Dave’s Hot Chicken, marking its first restaurant acquisition since taking Subway private in 2023.
• Dave’s Hot Chicken currently operates over 310 locations and has sold franchise rights for more than 1,000 sites across North America and the Middle East.
• CEO Bill Phelps and the founding team will remain in their roles as minority stakeholders to oversee menu innovation and maintain the chain’s quality standards.
• The brand plans to open more than 155 new restaurants this year and is targeting a network of 4,000 locations worldwide over the next decade.
• Roark will leverage its franchising expertise from brands such as Arby’s, Dunkin’, Jimmy John’s and Sonic to support Dave’s supply chain efficiencies and growth.