The same private equity firm that purchased Subway last year, Roark Capital, has acquired the emerging fast-casual powerhouse Dave’s Hot Chicken.
Founded in 2017, Dave’s Hot Chicken has become one of the fastest-growing restaurant chains, with more than 400 restaurants expected to be open worldwide by the end of the year. The company says it has sold the rights to more than 1,000 franchise locations in the US, Canada and the Middle East and will open more than 155 locations this year.
Started by three childhood friends in Los Angeles, Dave’s Hot Chicken is known for Nashville-style hot chicken tenders and sandwiches. The chain’s leadership team will remain in place post-acquisition.
“This is one of the great entrepreneurial journeys of our time and now we begin the next chapter in the story,” said Bill Phelps, CEO of Dave’s Hot Chicken, who took the reins of the company in 2019. “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.”
