From Yahoo Finance: 2025-06-03 05:40:00

Roark Capital has acquired Dave’s Hot Chicken for $1bn. The brand, founded in 2017, aims to reach 400 restaurants globally by the end of this year. Despite the change in ownership, the leadership team, including CEO Bill Phelps, will remain intact and focus on growth and value.

Dave’s Hot Chicken introduced Top-Loaded Fries in 2024 and brought back Dave’s NOT Chicken, featuring cauliflower-base items, in early 2025. Roark’s investment strategy focuses on franchise models, with holdings in food, restaurants, and other industries. They also acquired Subway and have stakes in Inspire Brands and GoTo Foods.

Roark Capital’s acquisition of Dave’s Hot Chicken reflects its investment focus on franchise-like businesses. The brand’s leadership team will continue to drive growth and value, with a strategic focus on menu, quality, operations, and marketing. North Point Mergers & Acquisitions acted as Dave’s exclusive financial advisor in the deal.

Read more: Roark Capital acquires Dave’s Hot Chicken for $1bn