You're About To See A Lot More Of This Popular Fried Chicken Chain

If you haven't had a chance to try Dave's Hot Chicken yet, you'll likely have plenty of opportunities soon. On June 2, the fast-casual chain announced that private equity firm Roark Capital bought a majority stake in the brand with a near $1 billion valuation, according to CEO Bill Phelps on CNBC's "Squawk Box." This deal, reportedly in the works for months, adds Dave's to Roark Capital's powerhouse portfolio of food brands, including the ever-popular Subway, Arby's, Baskin-Robbins, Dunkin', Jamba Juice, and Carl's Jr.

First started in 2017 as a modest Los Angeles parking lot pop-up, Dave's Hot Chicken has since expanded to around 300 locations nationwide, and that number is only climbing. The company plans to open 155 more stores this year, as well as another 155 next year. With this large investment from Roark Capital, Phelps reported that Dave's Hot Chicken could reach up to 4,000 locations worldwide in the next 10 years.

This exponential rise is largely thanks to its cult-like fanbase and roster of celebrity investors, including Drake, Samuel L. Jackson, and Usher. In 2022, the company reported a whopping 156% increase in sales compared to the year prior, followed by 57% sales growth in 2024, according to a report from Technomic.

For loyal fans, this major expansion may come as no surprise. For others who have yet to try the famous Nashville-style hot chicken, however, the buzz may raise a fair question: Why Dave's?

One of Dave's Hot Chicken's biggest claims to fame is its seven-level heat scale, ranging from "No Spice" to "Reaper" — the latter so spicy that customers must sign a waiver before ordering. This daring meal helped the brand go viral on TikTok and Instagram, fueling curiosity and long lines. The spice isn't just from the sauce, either. Each tender is brined for hours as the seasoning soaks into the meat, before being fried to golden perfection.

Besides the spice, however, Dave's thrives on simplicity and quality. The menu is to the point: Just chicken tenders, chicken sliders, and chicken bites, served with crinkle-cut fries, pickles, slaw, or mac-n-cheese made from scratch, often topped with a slice of white bread. The company has also added vegetarian options for non-chicken fans, offering "Dave's Not Chicken (Cauli)", a fried cauliflower version of the signature tenders.