Dave’s Hot Chicken Sold To Roark Capital For $1 Billion

Dave’s Hot Chicken announced Monday that private equity firmRoark Capital has acquired it in a deal valued at $1 billion, according to The Associated Press. The Los Angeles-based chain, known for its Nashville-style hot chicken, began as a parking lot popup in 2017. It expects to reach 400 global locations by year-end. Rapper Drake, an investor in Dave’s Hot Chicken, gives away hot chicken sliders annually on his October 24 birthday. Roark, which owns Subway and backs Inspire Brands and GoTo Foods, will retain Dave’s current leadership, including CEO Bill Phelps and the original founders. The team plans to continue expanding operations and brand innovation.