Operations

Dave's Hot Chicken lands majority investment from Roark

The company's valuation is $1 billion.

Photo: Dave's

June 2, 2025

As part of its 3-year-goal to go public, Los Angeles-based Dave's Hot Chicken has chosen an investment from Roark, the Atlanta-based private equity firm, which recently purchased Subway, to fuel domestic and international growth.

"This is one of the great entrepreneurial journeys of our time, and now we begin the next chapter in the story," Bill Phelps, Dave's Hot Chicken's CEO, said in a company press release. "Our entire organization is excited about the fit between Dave's Hot Chicken and Roark, and we're looking forward to continuing to blow our guests' minds and unlocking growth and value for our franchise partners."

President and COO Jim Bitticks told FastCasual that the company's valuation is $1 billion and that Phelps negotiated with Roark to ensure its 75 support staff employees received average bonuses of $100,000.

"Twenty-five people became millionaires with this deal," Bitticks said. "These are regular people; a guy I brought with me five years ago was making $17 per hour, and now look."

Dave's leadership team, including founders Chef Dave Kopushyan, Arman Oganesyan and Tommy Rubenyan, will continue in their roles running the company. They started the company in 2017 in a parking lot and have grown it to over 315 locations.

North Point Mergers & Acquisitions served as Dave's exclusive financial adviser.

In February 2025, Reuters reported that Roark Capital signed a deal to acquire the brand for roughly $1 billion, but that number has not been confirmed.