Latest news with #BillPhelps
USA Today
2 days ago
- Business
- USA Today
Dave's Hot Chicken acquired by private equity firm that owns Subway
Dave's Hot Chicken acquired by private equity firm that owns Subway Just eight years after starting in a Los Angeles parking lot, Dave's Hot Chicken has been acquired by private equity firm Roark Capital in a deal worth approximately $1 billion to enter its "next phase of growth and innovation." A spokesperson for Dave's Hot Chicken confirmed the acquisition to USA TODAY via email on Wednesday, June 4. Started by three childhood friends in a parking lot in Los Angeles in 2017, the chain primarily offers chicken tenders and chicken sandwiches and expects to end the year with over 400 locations worldwide. According to the company, it has sold the rights to more than 1,000 franchise locations in the U.S., Middle East and Canada and will open 155-plus locations this year. 'This is one of the great entrepreneurial journeys of our time, and now we begin the next chapter in the story,' said Bill Phelps, Dave's Hot Chicken's CEO, in a news release. '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.' According to reporting from CNBC, Phelps, who previously led Wetzel's Pretzels for 25 years, joined Dave's in 2019, less than two years after its founding. Phelps told the business news outlet Dave's could reach up to 4,000 locations worldwide over the next 10 years. Dave's leadership team will remain in their roles, according to the news release, continuing to drive the company's "menu innovation, food quality, in-store experience, operations, marketing, branding, digital and more." More news: Dollar Tree expects to take profit hit from tariffs, shares drop on outlook What is Roark and which companies do they own? According to the acquisition announcement, Roark is an Atlanta-based private equity firm with $40 billion in equity under management. The company has several well-known brands in the restaurant and food industries in its portfolio, including Buffalo Wild Wings, Arby's, Dunkin', Jimmy John's, and Sonic, among more. The company acquired sandwich giant Subway in 2023 for nearly $10 billion in what was one of the biggest fast food acquisitions ever. Gabe Hauari is a national trending news reporter at USA TODAY. You can follow him on X @GabeHauari or email him at Gdhauari@
Yahoo
2 days ago
- Business
- Yahoo
Dave's Hot Chicken acquired by private equity firm that owns Subway
Just eight years after starting in a Los Angeles parking lot, Dave's Hot Chicken has been acquired by private equity firm Roark Capital in a deal worth approximately $1 billion to enter its "next phase of growth and innovation." A spokesperson for Dave's Hot Chicken confirmed the acquisition to USA TODAY via email on Wednesday, June 4. Started by three childhood friends in a parking lot in Los Angeles in 2017, the chain primarily offers chicken tenders and chicken sandwiches and expects to end the year with over 400 locations worldwide. According to the company, it has sold the rights to more than 1,000 franchise locations in the U.S., Middle East and Canada and will open 155-plus locations this year. 'This is one of the great entrepreneurial journeys of our time, and now we begin the next chapter in the story,' said Bill Phelps, Dave's Hot Chicken's CEO, in a news release. '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.' According to reporting from CNBC, Phelps, who previously led Wetzel's Pretzels for 25 years, joined Dave's in 2019, less than two years after its founding. Phelps told the business news outlet Dave's could reach up to 4,000 locations worldwide over the next 10 years. Dave's leadership team will remain in their roles, according to the news release, continuing to drive the company's "menu innovation, food quality, in-store experience, operations, marketing, branding, digital and more." More news: Dollar Tree expects to take profit hit from tariffs, shares drop on outlook According to the acquisition announcement, Roark is an Atlanta-based private equity firm with $40 billion in equity under management. The company has several well-known brands in the restaurant and food industries in its portfolio, including Buffalo Wild Wings, Arby's, Dunkin', Jimmy John's, and Sonic, among more. The company acquired sandwich giant Subway in 2023 for nearly $10 billion in what was one of the biggest fast food acquisitions ever. Gabe Hauari is a national trending news reporter at USA TODAY. You can follow him on X @GabeHauari or email him at Gdhauari@ This article originally appeared on USA TODAY: Subway owner acquires Dave's Hot Chicken: Here's what to know Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Dave's Hot Chicken acquired by private equity firm that owns Subway
Just eight years after starting in a Los Angeles parking lot, Dave's Hot Chicken has been acquired by private equity firm Roark Capital in a deal worth approximately $1 billion to enter its "next phase of growth and innovation." A spokesperson for Dave's Hot Chicken confirmed the acquisition to USA TODAY via email on Wednesday, June 4. Started by three childhood friends in a parking lot in Los Angeles in 2017, the chain primarily offers chicken tenders and chicken sandwiches and expects to end the year with over 400 locations worldwide. According to the company, it has sold the rights to more than 1,000 franchise locations in the U.S., Middle East and Canada and will open 155-plus locations this year. 'This is one of the great entrepreneurial journeys of our time, and now we begin the next chapter in the story,' said Bill Phelps, Dave's Hot Chicken's CEO, in a news release. '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.' According to reporting from CNBC, Phelps, who previously led Wetzel's Pretzels for 25 years, joined Dave's in 2019, less than two years after its founding. Phelps told the business news outlet Dave's could reach up to 4,000 locations worldwide over the next 10 years. Dave's leadership team will remain in their roles, according to the news release, continuing to drive the company's "menu innovation, food quality, in-store experience, operations, marketing, branding, digital and more." According to the acquisition announcement, Roark is an Atlanta-based private equity firm with $40 billion in equity under management. The company has several well-known brands in the restaurant and food industries in its portfolio, including Buffalo Wild Wings, Arby's, Dunkin', Jimmy John's, and Sonic, among more. The company acquired sandwich giant Subway in 2023 for nearly $10 billion in what was one of the biggest fast food acquisitions ever. Gabe Hauari is a national trending news reporter at USA TODAY. You can follow him on X @GabeHauari or email him at Gdhauari@ This article originally appeared on USA TODAY: Subway owner acquires Dave's Hot Chicken: Here's what to know
New York Post
2 days ago
- Business
- New York Post
Dave's Hot Chicken sold to Subway owner in $1 billion deal
Dave's Hot Chicken said Monday it has been acquired by the private equity firm Roark Capital in a deal valued at $1 billion. Dave's Hot Chicken got its start in 2017 as a popup in a Los Angeles parking lot. It has grown exponentially since then and expects to end this year with 400 restaurants worldwide. The brand specializes in Nashville-style hot chicken. 3 Dave's Hot Chicken was bought by private equity firm Roark Capital for $1 billion. AP 3 Dave's Hot Chicken was started in 2017 as a popup in a Los Angeles parking lot. AP Investors in Dave's Hot Chicken have included the rapper Drake, who gives away hot chicken sliders every year on Oct. 24, his birthday. Atlanta-based Roark specializes in franchised businesses. It bought the Subway sandwich chain in 2023 and backs two holding companies that own multiple restaurant chains: Inspire Brands, the parent of Arby's, Dunkin', Jimmy John's, Sonic and Buffalo Wild Wings; and GoTo Foods, which owns Auntie Anne's, Carvel, Cinnabon and Jamba. Dave's Hot Chicken said its leadership team — including CEO Bill Phelps and the four childhood friends who founded the company — will remain and continue to lead menu innovation, food quality, operations and marketing. 3 Atlanta-based Roark bought the Subway sandwich chain in 2023. Christopher Sadowski '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 said in a statement.
Time of India
2 days ago
- Business
- Time of India
Subway owner acquires popular chicken chain in $1 billion deal
Roark Capital, which owns Subway, has acquired Dave's Hot Chicken in a $1 billion deal that will fuel the chicken chain's restaurant expansion, according to Fox News. Roark Capital is an private equity firm that's been buying up established franchises. The deal was announced Monday and brings Dave's into Roark's growing portfolio of brands that includes Subway, Dunkin' and Buffalo Wild Wings. '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,' said Dave's CEO Bill Phelps in a statement. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Doutora: Truque caseiro para pescoço de peru (Tente isso hoje à noite) Revista & Saúde Saiba Mais Undo ALSO READ: US citizens asked not to use dating apps and follow these precautions amid alarming warning. Check details Dave's Hot Chicken began in 2017 as a humble pop-up in a Los Angeles parking lot and has since expanded to over 300 locations. According to Yahoo Finance, the brand has sold licensing rights for more than 1,000 locations across the U.S., Canada, and the Middle East. Approximately 155 new locations are slated to open this year. The four childhood friends who founded the business will remain actively involved in its growth, as reported by the Associated Press. With only $900, the trio launched Dave's Hot Chicken in a parking lot using portable fryers and folding tables. Shortly after, they opened their first brick-and-mortar restaurant. Live Events Known for its wildly popular Nashville hot chicken , the chain has attracted high-profile investors, including musician and actor Drake, as well as former NFL player and TV personality Michael Strahan. How did the deal happen? In 2019, they partnered with former Wetzel's Pretzels CEO Bill Phelps to launch franchising efforts for the Dave's Hot Chicken brand. Since then, the company has sold franchise rights for over 1,000 locations across the U.S., the Middle East, and Canada. Atlanta-based Roark Capital, which manages $40 billion in assets, already has a strong presence in the restaurant industry through its acquisitions of Arby's, Culver's, and most recently Subway in 2024. Roark also holds investments in GoTo Foods and Inspire Brands, a major fast-food franchise operator. ALSO READ: Social Security Fairness Act big update given on expanded benefits. Here's how it will impact millions of Americans "This is one of the great entrepreneurial journeys of our time, and now we begin the next chapter in the story," said Phelps, now Dave's Hot Chicken's CEO. Inspire Brands is the parent company of Arby's, Dunkin', Jimmy John's, Sonic and Buffalo Wild Wings. GoTo Foods owns Auntie Anne's, Carvel, Cinnabon and Jamba.
