Dave’s Hot Chicken went from a $900 parking lot pop-up in East Hollywood to a $1 billion acquisition target in just eight years — one of the fastest rises in fast food history.
The brand built its name on Nashville-style hot chicken, a fiercely loyal fanbase, and a lineup of celebrity investors that reads like an awards show guest list. But in June 2025, everything changed when one of the biggest private equity firms in the restaurant world came knocking with a billion-dollar check.
Who Owns Dave’s Hot Chicken in 2026?
Dave’s Hot Chicken is majority-owned by Roark Capital Group — an Atlanta-based private equity firm that completed a $1 billion acquisition of the brand in June 2025. Roark Capital holds approximately 75% of the company following the deal, making it the clear controlling owner of everything Dave’s Hot Chicken does today.
The four original founders retain a 10% collective minority stake and remain involved in the business. Bill Phelps, the former CEO, holds a 5% stake and transitioned to Executive Chairman after the acquisition. Celebrity investors including Drake and Samuel L. Jackson maintain a combined 5% minority position — a financial interest, not operational control.
Ownership and Key Stakeholders Table
| Owner / Party | Role | Stake | Key Detail |
|---|---|---|---|
| Roark Capital Group | Majority Owner | ~75% | Atlanta-based private equity; $1 billion deal closed June 2025 |
| Four Original Founders | Minority Co-Owners | ~10% collective | Arman Oganesyan, Dave Kopushyan, Tommy Rubenyan, Gary Rubenyan |
| Bill Phelps | Executive Chairman | ~5% | Former CEO 2019–2026; transitioned after Roark acquisition |
| Celebrity Investors (Drake, Samuel L. Jackson, Usher, Maria Shriver, Michael Strahan, Tom Werner) | Minority Investors | ~5% combined | Financial interest only; no operational control |
| Jim Bitticks | Current CEO | Management role | Appointed January 2026; previously President & COO |
| Dave Kopushyan | Co-Founder & Head Chef | Part of founder stake | The “Dave” the chain is named after; created the original recipe |
The Origin Story: $900, a Parking Lot, and a Dream
Dave’s Hot Chicken was founded in 2017 by four friends — Arman Oganesyan, Dave Kopushyan, Tommy Rubenyan, and Gary Rubenyan. They started with just $900 in a East Hollywood, Los Angeles parking lot, setting up a pop-up stand selling Nashville-style hot chicken sliders and tenders.
Dave Kopushyan is the “Dave” the chain is named after — the trained chef who spent years developing and perfecting the original hot chicken recipe. The menu was intentionally simple: chicken tenders and sliders in a range of heat levels, from “No Spice” all the way up to the near-legendary “Reaper”. Lines started forming immediately. Within weeks, the pop-up had a cult following. Within months, it had investors.
The first permanent brick-and-mortar location opened in East Hollywood in 2019, the same year the founders brought in experienced restaurant operator Bill Phelps as CEO to manage the brand’s rapid scaling. Phelps had previously co-founded Wetzel’s Pretzels — he knew exactly how to take a popular local concept and turn it into a national franchise operation.
The Celebrity Investors: Drake, Samuel L. Jackson, and More
Long before Roark Capital arrived, Dave’s Hot Chicken had already become one of the most star-studded restaurant investments in recent memory. The brand attracted celebrity investors whose names made headlines every time they were mentioned alongside a fast-food chain.
Drake is the most prominent celebrity name in the Dave’s Hot Chicken story. He invested in the brand and famously gives away free Dave’s Hot Chicken sliders every year on October 24 — his birthday — a tradition that has generated millions in organic publicity. Samuel L. Jackson, Usher, Maria Shriver, Michael Strahan, and sports executive Tom Werner are also among the celebrity minority investors. Their involvement gave Dave’s cultural credibility and media reach far beyond what any traditional marketing budget could have bought.
However, it is critical to understand what these celebrity investments actually mean. Drake holding a minority stake does not make him an owner in any meaningful day-to-day sense. It means he has a financial interest in the company’s performance — nothing more.
Who Is Roark Capital — And Why Did They Buy Dave’s?
Roark Capital Group is one of the most specialized private equity firms in the world. It focuses almost entirely on franchise and chain-based consumer brands — and it has become enormously powerful in the restaurant industry through a string of landmark acquisitions.
Roark Capital owns Subway — the largest fast-food chain in the world by location count, acquired in 2023. It also controls Inspire Brands, which runs Dunkin’, Buffalo Wild Wings, Arby’s, Sonic, and Jimmy John’s. Additionally, it backs GoTo Foods, which owns Auntie Anne’s, Carvel, Cinnabon, and Jamba. Dave’s Hot Chicken is the latest trophy in this growing portfolio.
The logic behind the Roark acquisition is straightforward. Dave’s Hot Chicken had system-wide revenue exceeding $600 million in 2024 — representing a remarkable 57% year-over-year growth. The company had already sold franchise agreements for over 1,500 future locations and was rapidly expanding internationally. Roark saw a brand with proven demand, a simple and scalable menu, and a massive runway for growth — and paid $1 billion for it.
Leadership After the Roark Deal
The Roark acquisition brought a leadership transition that is typical of private equity takeovers in the restaurant industry.
Jim Bitticks became CEO of Dave’s Hot Chicken in January 2026, taking over from Bill Phelps who had led the company since 2019. Bitticks was previously the company’s President and COO — an internal promotion designed to signal continuity rather than disruption. His stated focus is on franchise operations, international expansion, and maintaining the brand consistency that made Dave’s worth a billion dollars in the first place.
Bill Phelps transitioned to Executive Chairman, retaining his 5% equity stake and staying involved at the board level. The four original founders also stayed in their roles, ensuring that the brand’s creative DNA — the recipes, the heat levels, the culture — remained intact under new ownership.
How Big Is Dave’s Hot Chicken in 2026?
The numbers are genuinely remarkable for a brand that did not exist until 2017. Dave’s Hot Chicken operates over 390 locations as of 2026, with plans to open 155 new restaurants in 2025 alone, pushing toward approximately 400 total locations by year-end. The brand has franchise agreements covering over 1,500 future units — meaning the current location count is just a fraction of what the pipeline looks like.
System-wide revenue exceeded $617 million in 2024 — up 57% year-over-year. That kind of growth rate in a competitive fast-food market is extraordinary, and it is precisely why Roark Capital was willing to pay a $1 billion premium for a company that started with less than $1,000.
Is Dave’s Hot Chicken Going Public?
Dave’s Hot Chicken is currently a privately held company with no stock market listing. Roark Capital is a private equity firm and does not trade publicly itself. However, company leadership has publicly floated the idea of an IPO within the next three to five years. With $617 million in 2024 revenue and a massive franchise pipeline, the trajectory certainly supports it. But as of 2026, it remains a stated ambition — not a confirmed plan.
Frequently Asked Questions (FAQs)
Q1. Who owns Dave’s Hot Chicken in 2026?
Roark Capital Group is the majority owner with approximately 75%, following a $1 billion acquisition completed in June 2025.
Q2. Who are the founders of Dave’s Hot Chicken?
Dave’s Hot Chicken was founded in 2017 by Arman Oganesyan, Dave Kopushyan, Tommy Rubenyan, and Gary Rubenyan with just $900 in an East Hollywood parking lot.
Q3. Does Drake own Dave’s Hot Chicken?
Drake is a celebrity minority investor with a small financial stake — he does not own or control the company in any operational sense.
Q4. How much did Roark Capital pay for Dave’s Hot Chicken?
Roark Capital acquired Dave’s Hot Chicken for approximately $1 billion in a deal that closed in June 2025.
Q5. Who is the current CEO of Dave’s Hot Chicken?
Jim Bitticks became CEO in January 2026, promoted internally from his previous role as President and COO.
Q6. How many Dave’s Hot Chicken locations are there in 2026?
Dave’s Hot Chicken operates over 390 locations as of 2026, with franchise agreements covering over 1,500 future units.
Q7. How much revenue does Dave’s Hot Chicken generate?
System-wide revenue exceeded $617 million in 2024 — representing 57% year-over-year growth.
Q8. Is Dave’s Hot Chicken publicly traded?
No. Dave’s Hot Chicken is a privately held company, but leadership has floated a potential IPO within the next three to five years.
Dave’s Hot Chicken is majority-owned by Roark Capital Group, which acquired approximately 75% of the company for $1 billion in June 2025. The four co-founders — Arman Oganesyan, Dave Kopushyan, Tommy Rubenyan, and Gary Rubenyan — retain a combined 10% minority stake. Bill Phelps holds 5% as Executive Chairman, and celebrity investors including Drake and Samuel L. Jackson hold a combined 5% minority financial position. Jim Bitticks serves as CEO following his promotion in January 2026.
From a $900 parking lot in East Hollywood to a $1 billion acquisition by one of the most powerful restaurant investors in the world — Dave’s Hot Chicken is one of the great fast-food success stories of its generation.