"Known for its Nashville-style hot chicken, Dave's attracted Atlanta-based private equity firm Roark Capital, which specializes in franchised businesses and acquired Subway in 2023. Roark owns two major restaurant holding companies: Inspire Brands (Dunkin', Buffalo Wild Wings, Sonic) and GoTo Foods (Auntie Anne's, Carvel, Cinnabon). Dave's Hot Chicken was acquired by Roark this past summer for $1 billion and expects to reach 400 stores this year."
"Founded by childhood friends Dave Kopushyan, Arman Oganesyan, and Tommy Rubenyan, the company has been led by Bill Phelps, co-founder of Wetzel's Pretzels, as CEO since 2019. James McGehee joined as CFO in 2019 after connecting with the team through Wetzel's. "I've been in the restaurant industry and accounting and finance since 1993, but I fell in love with food first," McGehee told me."
"Scott Putman, SVP of finance, who started with Dave's in 2021, was previously corporate controller for Wetzel's Pretzels. Many team members at Dave's have worked with Phelps before. "People aren't here by accident," said McGehee, highlighting the team's work ethic, expertise, and cultural fit. Under Phelps, the company strengthened its franchise community by selecting experienced, culturally aligned operators, McGehee said. By combining a standout brand, strong franchisees, and expert management, Dave's accelerated its growth, he said."
Dave's Hot Chicken began as a $900 pop-up in a Los Angeles parking lot in 2017 and expanded to more than 345 stores worldwide by 2025, up from seven locations in early 2020. The brand entered the billion-dollar club after Roark Capital acquired it for $1 billion and expects to reach 400 stores this year. Leadership includes CEO Bill Phelps and CFO James McGehee, with several team members previously at Wetzel's Pretzels. U.S. sales rose 57% in 2024 and surpassed $600 million. The company announced a partnership with Matternet to pilot drone delivery in a Los Angeles suburb.
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