From CNBC: 2025-06-02 14:14:00

Private equity firm Roark Capital has purchased a majority stake in Dave’s Hot Chicken, with a reported valuation of close to $1 billion. The fast-growing chicken chain has expanded to over 300 locations, achieving U.S. sales exceeding $600 million last year. Roark’s investment follows a surge in popularity for chicken-focused restaurants.

Dave’s success is attributed to its diverse range of spicy offerings, including the infamous “Reaper” chicken that requires a waiver to order. Despite a small menu focused on chicken tenders, the chain’s unique items like sliders have attracted a loyal following. With plans to reach 4,000 locations worldwide in the next decade, Dave’s continues to prioritize quality over industry norms.

Roark’s acquisition of Dave’s marks its first restaurant deal since purchasing Subway for $9.6 billion in 2023. The firm’s portfolio includes brands like Arby’s and Dunkin’. Dave’s co-founders and executives plan to stay with the company post-acquisition. The deal will also benefit dozens of employees, turning many into millionaires through significant bonuses.



Read more at CNBC: Roark Capital invests in restaurant chain Dave’s Hot Chicken