Roark Capital Acquires Dave's Hot Chicken For $1 Billion To Accelerate Global Expansion

Roark Capital has acquired Dave’s Hot Chicken for approximately $1 billion as part of its strategy to enhance the fast-casual chicken chain’s global expansion.

Summary of transaction details:

• Deal Type: Acquisition
• Transaction Amount: $1,000,000,000
• Buyer: Roark Capital
• Company Acquired: Dave’s Hot Chicken
• Number of Locations: 310
• Franchise Rights Sold: Over 1,000 locations
• CEO: Bill Phelps
• Year Founded: 2017

Dave’s Hot Chicken was founded in 2017 by three friends who started with just $900 in savings. CEO Bill Phelps joined in 2019 after his prior leadership roles at Wetzel’s Pretzels and Blaze Pizza, and he invested $2 million into the company. The brand’s significant growth has been underscored by a robust franchise network, and it intends to open over 155 new locations this year, further solidifying its market presence.