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4d ago

Roark Capital Completes $1 Billion Acquisition of Dave’s Hot Chicken

The private equity firm plans to support an aggressive rollout that includes more than 155 new outlets this year on the path to 4,000 locations in ten years.

Customers wait in line during the grand opening of Dave's Hot Chicken Friday, April 25, 2025, in Grand Chute, Wisconsin.
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Overview

  • The deal, finalized on June 4, values Dave’s Hot Chicken at approximately $1 billion and keeps CEO Bill Phelps and the existing leadership team in place.
  • Bill Phelps, who joined as CEO in 2019 after a 25-year tenure at Wetzel’s Pretzels, will continue to drive menu innovation, operations and marketing.
  • Since its 2017 launch in a Los Angeles parking lot, the chain has sold rights to over 1,000 franchises and expects to surpass 400 locations worldwide by year’s end.
  • Dave’s Hot Chicken has slated more than 155 new store openings in 2025 as part of its long-term goal to expand to 4,000 locations globally within the next decade.
  • Roark Capital, an Atlanta-based firm with $40 billion in equity under management, adds the chicken chain to a portfolio that includes Subway, Buffalo Wild Wings and Dunkin’.