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Roark Capital Acquires Dave’s Hot Chicken for $1 Billion

The acquisition will accelerate the chain’s rollout of over 155 new locations this year toward a network of 4,000 stores worldwide within ten years.

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A Dave’s Hot Chicken combo at a Bryant Irvin Road location in Fort Worth, Texas, on Nov. 13, 2021.
Dave's Hot Chicken makes a major business move amid expansion plans. 
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Overview

  • The chain, famous for seven levels of Nashville-style hot chicken heat, has grown from a 2017 Los Angeles pop-up to over 310 locations.
  • It has sold franchise rights for more than 1,000 units across the US, Canada and the Middle East.
  • US sales climbed 57% last year, exceeding $600 million on the strength of its franchise network.
  • CEO Bill Phelps and the founding team will remain minority stakeholders, overseeing menu innovation and operations.
  • Roark Capital plans to leverage its franchise expertise and global supply chain to support Dave’s expansion into Europe and Asia.