Dave’s Scorching Rooster mentioned Monday it has been acquired by the personal fairness agency Roark Capital in a deal valued at $1 billion.
Dave’s Scorching Rooster obtained its begin in 2017 as a popup in a Los Angeles car parking zone. It has grown exponentially since then and expects to finish this yr with 400 eating places worldwide. The model focuses on Nashville-style sizzling rooster.
Buyers in Dave’s Scorching Rooster have included the rapper Drake, who provides away sizzling rooster sliders yearly on Oct. 24, his birthday.
Atlanta-based Roark focuses on franchised companies. It purchased the Subway sandwich chain in 2023 and backs two holding corporations that personal a number of restaurant chains: Encourage Manufacturers, the mother or father of Arby’s, Dunkin’, Jimmy John’s, Sonic and Buffalo Wild Wings; and GoTo Meals, which owns Auntie Anne’s, Carvel, Cinnabon and Jamba.
Dave’s Scorching Rooster mentioned its management crew — together with CEO Invoice Phelps and the 4 childhood pals who based the corporate — will stay and proceed to steer menu innovation, meals high quality, operations and advertising and marketing.
“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,” Phelps mentioned in a press release.
