Subway owner Roark Capital buys Dave’s Hot Chicken

The brand is planning to expand in China and Southeast Asia in the next three years.

Subway owner Roark Capital bought Dave’s Hot Chicken, fueling its expansion plans across the US, Middle East, and Asia Pacific.

Financial terms of the deal were not disclosed, but Dave's CEO, Bill Phelps, told CNBC that reports valuing the deal at $1 billion were 'pretty close'.

In a previous interview by QSR Media, Jim Bitticks, president and chief operating officer at Dave’s Hot Chicken, said they have earmarked China and Southeast Asia as growth markets for their brands.

“Over the next two to three years, China, Hong Kong, Singapore, Malaysia, and Indonesia are all high on our list for expansion,” Jim Bitticks, president and chief operating officer at Dave’s Hot Chicken, told QSR Media Asia.

Bitticks is set to speak at the upcoming QSR Media Conference & Awards 2025 in Sydney, Australia, this 13 October.

Commenting on the deal, Phelps said that it is one of the great entrepreneurial journeys of their time.

“Now we begin the next chapter in the story. Our entire organisation 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.

The fried-chicken chain partly owned by rapper Drake, known for serving chicken tenders and sandwiches in seven spice levels from No Spice to “The Reaper,” has evolved from a small parking lot pop-up in East Hollywood to a growing international franchise.