"When it comes to small-business success stories, Dave's Hot Chicken is up near the top of the pyramid: After launching in a Los Angeles parking lot in 2017, the company sold for a cool $1 billion to private equity firm Roark Capital in 2025. And now, the leadership team that facilitated that sale has its sights set on its next big concept: birria."
"Bill Phelps and Andrew Feghali of Four Wall Partners are going all in with San Diego birria restaurant Mike's Red Tacos. It's a bold play, given the company currently has only two locations, but Phelps and Feghali are confident that America's birria boom can ride the Southern California restaurant to new heights. As part of a nationwide franchise agreement, former Wetzel's Pretzels CEO Vincent Montanelli has been brought on as president to jump Mike's to a staggering 200 proposed locations."
"While franchise deals may not mean much to average consumers day to day, they are the lifeblood of much of the fast food industry, which is projected to grow to half a trillion dollars annually by 2032. Phelps is a co-founder of Wetzel's Pretzels and was an initial investor in Blaze Pizza, while Feghali operates the first and largest franchise group of Dave's Hot Chicken and is one of the largest franchisees of Little Caesars."
Dave's Hot Chicken launched in a Los Angeles parking lot in 2017 and sold for $1 billion to Roark Capital in 2025. Leadership involved in that sale is now targeting birria. Bill Phelps and Andrew Feghali of Four Wall Partners are investing in San Diego birria restaurant Mike's Red Tacos and plan aggressive franchising. Former Wetzel's Pretzels CEO Vincent Montanelli was hired to lead expansion toward 200 proposed locations. Major franchisees with experience at brands like Jersey Mike's, Blaze Pizza, Dunkin', Little Caesars and Dave's Hot Chicken have joined the effort. Birria ranked among the most ordered foods in 2024, and founder Mike Touma started Mike's Red Tacos as a 2021 food truck.
Read at SFGATE
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