Roark Capital has invested in Dave’s Hot Chicken, a fast-food chain specializing in hot chicken based in Pasadena, California. While the financial details of the deal were not officially released, several media sources have reported the investment’s value at around $1 billion.
“This is one of the great entrepreneurial journeys of our time, and now we begin the next chapter in the story,” said Bill Phelps, CEO of Dave’s Hot Chicken, in a statement. He added that the entire company is excited about the partnership with Roark Capital. “We look forward to continuing to impress our guests and unlocking growth and value for our franchise partners.”
The current leadership team at Dave’s Hot Chicken will remain in place following the investment.
North Point Mergers & Acquisitions acted as the exclusive financial advisor to Dave’s Hot Chicken during the deal.
Founded in 2017, Dave’s Hot Chicken has quickly grown as a notable player in the fast-food hot chicken market.
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