Dave’s Hot Chicken sold to Subway owner Roark Capital in a $1 billion deal

Dave’s Hot Chicken has been acquired by private equity firm Roark Capital in a $1 billion deal. Founded in 2017 as a Los Angeles parking lot popup, the Nashville-style chicken chain now expects to reach 400 locations by year’s end. Backed by celebrity investor Drake, the brand will retain its leadership team post-acquisition, the Associated Press has reported. Roark, which also owns Subway and supports chains like Arby’s and Dunkin’ through its holdings, specializes in franchised businesses.