Who Owns Dave’s Hot Chicken?
Roark Capital, the investment firm behind Subway and Arby’s, which bought a controlling stake in 2025 at a value of about 1 billion dollars. The four friends who started it with 900 dollars kept a slice.
It is one of the fastest climbs from start up to billion dollar sale in restaurant history. The chain was a parking lot pop up in 2017.
Before Roark: who owned it
The business began with four co-founders, chef Dave Kopushyan, Arman Oganesyan and brothers Tommy and Gary Rubenyan. The story of how it got its name is in why is it called Dave’s Hot Chicken.
In 2018, when there was just one restaurant, the founders sold about half the company for 2 million dollars to a group led by Bill Phelps, co-founder of Wetzel’s Pretzels and a former leader of Blaze Pizza, and Hollywood producer John Davis. Phelps became chief executive and built the franchise system that took the chain national.
| Stage | Ownership |
|---|---|
| 2017 | Four co-founders, starting with about 900 dollars |
| 2018 | About half sold for 2 million dollars to investors led by Bill Phelps and John Davis |
| 2021 | Drake joins as an investor, alongside other celebrity backers |
| Before the sale | Each co-founder held roughly 10 percent |
| June 2025 | Roark Capital buys about 70 percent at a value of around 1 billion dollars |
The Roark deal
The deal was announced on 2 June 2025. Roark took a controlling stake of about 70 percent, while the founders and senior managers stayed in their jobs. Company president Jim Bitticks summed it up at the time: nobody is leaving, and the goal is to keep growing.
According to Forbes, each of the four co-founders sold around 80 percent of his stake for roughly 80 million dollars before tax. Early investors Bill Phelps and John Davis reportedly made around 250 times their original investment.
Who else Roark owns
Roark Capital is one of the biggest owners of restaurant brands in the United States, which puts Dave’s Hot Chicken in familiar company.
| Brand or group | Roark’s position |
|---|---|
| Subway | Owner since 2024 |
| Inspire Brands | Arby’s, Dunkin, Sonic, Buffalo Wild Wings and Jimmy John’s |
| Culver’s | Minority stake since 2017 |
| GoTo Foods | Auntie Anne’s, Cinnabon, Carvel and others |
| Carl’s Jr. and Hardee’s | Owner |
The wider Roark story is covered in who owns Arby’s, and its very different, minority role at Culver’s is in who owns Culver’s.
How big Dave’s Hot Chicken is
Dave’s has grown faster than almost any restaurant chain of its generation. Systemwide sales went from about 22 million dollars in 2020 to about 392 million in 2023 and around 617 million in 2024. At the time of the deal it had more than 300 restaurants across the US and several other countries, with plans for international growth and locations in airports and college campuses.
Current prices, combos and spice levels are on the Dave’s Hot Chicken menu.
Related Questions
Who owns Dave’s Hot Chicken?
Roark Capital, an Atlanta based private equity firm, which bought about 70 percent of the company in 2025 at a value of around 1 billion dollars. The co-founders, chief executive Bill Phelps and some early investors kept smaller stakes.
Does Drake own Dave’s Hot Chicken?
Drake invested in Dave’s Hot Chicken in 2021 and was one of its best known backers. He was a minority investor, not the owner, and the controlling stake now belongs to Roark Capital.
How much did Dave’s Hot Chicken sell for?
The 2025 deal valued the whole company at about 1 billion dollars, with Roark Capital buying roughly 70 percent. It was announced on 2 June 2025.
Who is the CEO of Dave’s Hot Chicken?
Bill Phelps, co-founder of Wetzel’s Pretzels and a former leader of Blaze Pizza. He invested in 2018 when there was only one restaurant and stayed on as chief executive after the Roark deal.
Are the founders still at Dave’s Hot Chicken?
Yes. Dave Kopushyan is chief culinary officer and Arman Oganesyan is chief brand officer. The founders sold most of their stakes in 2025 but kept a share and stayed with the company.
Does the Subway owner own Dave’s Hot Chicken?
Yes. Roark Capital owns Subway and is also the main owner of Dave’s Hot Chicken, along with Inspire Brands, which includes Arby’s, Dunkin and Sonic.
More on Dave’s Hot Chicken
About this guide. USA Food Menu is an independent reference site and is not affiliated with Dave’s Hot Chicken or Roark Capital. Deal details and stakes come from published reporting and have not all been confirmed by the company. Current prices and calories are on the Dave’s Hot Chicken menu.
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