LOS ANGELES — Dave’s Hot Chicken has been acquired by private equity firm Roark Capital for $1 billion.

Since launching in a parking lot in 2017 with portable fryers and folding tables, Dave’s Hot Chicken has seen rapid growth. The company expects to end the year with more than 400 restaurants around the world.

“This is one of the great entrepreneurial journeys of our time, and now we begin the next chapter in the story,” said Bill Phelps, chief executive officer of Dave’s Hot Chicken. “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.”

Dave’s Hot Chicken leadership team will remain intact throughout the transaction, which includes the fast-casual concept’s founders. They will continue in their roles, working to drive menu innovation, food quality, in-store experience, operations, marketing and more.

Dave’s Hot Chicken noted that its marketing strategy as a social media leader in the hospitality industry remains unchanged. The company is closing in on 6 million followers across its social platforms, with hundreds of millions of views of user generated content.

The brand’s new owner, Atlanta-based Roark Capital, seeks to expand its investments in the foodservice industry with the acquisition. The firm specializes in investments of consumer and business service companies that hold a franchise business model.

In 2024, Roark completed the acquisition of Subway for approximately $9.6 billion.

Other food brands in Roark’s portfolio include Arby’s, Auntie Annie’s, Baskin-Robbins, Buffalo Wild Wings, Carvel, Cinnabon, Carl’s Jr./Hardee’s, Culver’s, Dunkin’, Jamba, Jimmy John’s, McAlister’s Deli, Miller’s Ale House, Moe’s, Nothing Bundt Cakes, Schlotzsky’s and Sonic.