Dave’s Hot Chicken Expands with $1 Billion Investment

Los Angeles, California – Dave’s Hot Chicken announced a significant $1 billion investment on June 4, 2025, aimed at fueling its global expansion. The fast-growing fried chicken chain plans to open over 155 new locations this year, further solidifying its place in the fast-casual dining industry.

Founded in 2017 by three friends with only $900, Dave’s Hot Chicken started in a parking lot using portable fryers and folding tables. The brand quickly gained traction, leading to its first brick-and-mortar location. In 2019, they partnered with Bill Phelps, former CEO of Wetzel’s Pretzels, to launch a franchising initiative, which has since sold rights to over 1,000 locations in the United States, Canada, and the Middle East.

Phelps, who now serves as CEO of Dave’s Hot Chicken, expressed excitement about the new investment. ‘This is one of the great entrepreneurial journeys of our time, and now we begin the next chapter in the story,’ he said. The company currently operates more than 300 locations and is projected to surpass 400 by the end of the year.

The investment comes from Roark Capital, an Atlanta-based private equity firm with $40 billion in assets under management. Roark has a history of investing in the restaurant sector, previously acquiring brands such as Arby’s, Culver’s, and Subway.

With Roark’s support, Dave’s Hot Chicken aims to accelerate its growth while maintaining its loyal customer base. The chain is known for its spicy sliders and has developed a strong fan following since its humble beginnings.