That makes Dave's one of the fastest jumps from parking lot to billion-dollar sale in fast food: eight years from a $900 pop-up in East Hollywood to a Roark portfolio company.
Who owns Dave's Hot Chicken today?
| Owner | Role | Since | What is public |
|---|---|---|---|
| Roark Capital | Owner after the 2025 buyout | June 2025 | Deal valued at about $1 billion; exact stake not disclosed |
| The four founders | Stayed on to lead menu, food quality, operations and marketing | 2017 | Whether they kept equity has not been disclosed |
| Bill Phelps | Executive chairman | 2019 | Led the 2019 investor group and was CEO until January 2026 |
| Franchisees | Own and run most restaurants, not the company | Various | Development rights sold for more than 1,592 locations |
Sources: Associated Press, June 2, 2025; Restaurant Dive, January 2026; Franchising.com, October 8, 2026.
Roark did not publish the terms. The $1 billion figure comes from the AP and earlier reporting by Reuters, which first described the signed deal in February 2025, and some reports describe Roark's purchase as a majority stake. Treat the price as reported rather than disclosed.
Does Drake own Dave's Hot Chicken?
He was an investor before the sale, not an owner of the company. Drake joined an investor group that also included Samuel L. Jackson, Maria Shriver, Michael Strahan and Tom Werner. Reports on the Roark deal did not say whether any celebrity investors kept a stake afterward.
Who founded Dave's Hot Chicken?
Four childhood friends from Los Angeles: Dave Kopushyan, a chef who gave the chain its name, Arman Oganesyan, and brothers Tommy and Gary Rubenyan. They opened a pop-up stand in an East Hollywood parking lot on May 2, 2017, with about $900. In 2019, Wetzel's Pretzels co-founder Bill Phelps and film producer John Davis invested, Phelps became CEO, and the chain started franchising.
How big is Dave's Hot Chicken?
| Measure | Figure | Date |
|---|---|---|
| Restaurants | 500th opened in Phoenix | October 8, 2026 |
| Restaurants | 283 | December 26, 2024 |
| Sales growth | Up 51% | 2025, per Technomic's Top 500 ranking |
| Countries | U.S., Canada, the U.K., the Middle East and a 10-country Europe deal | 2026 |
| Headquarters | Los Angeles | 2026 |
Sources: Franchising.com, October 8, 2026; Wikipedia for the 2024 count; Technomic data as reported in trade press.
Who runs Dave's Hot Chicken?
| CEO | Years | Background | What changed |
|---|---|---|---|
| The four founders | 2017 to 2019 | Childhood friends and first operators | Grew from one stand to a few restaurants |
| Bill Phelps | 2019 to January 2026 | Co-founder of Wetzel's Pretzels | Launched franchising and led the sale to Roark |
| Jim Bitticks | January 5, 2026 to now | COO since 2020, president since 2021 | Current CEO; focused on franchise operations and international growth |
Sources: QSR Magazine and Restaurant Dive, January 2026.
Every Dave's Hot Chicken owner
- 2017
Four friends open a pop-up in an East Hollywood parking lot on May 2
- 2019
Bill Phelps and John Davis lead an investor group; franchising begins
- 2019 to 2024
Celebrity investors including Drake and Samuel L. Jackson join
- 2025
Reuters reports a signed deal with Roark Capital in February
- 2025
Sale to Roark announced on June 2
- 2026
Jim Bitticks becomes CEO; Phelps becomes executive chairman
- 2026
500th restaurant opens in Phoenix on October 8
How I checked this
The sale and the founders' roles come from the Associated Press report of the company's announcement. The CEO change comes from QSR Magazine and Restaurant Dive, and the 500th restaurant from Franchising.com. Dave's Hot Chicken is private and does not publish its ownership split or profits, so Roark's exact stake is described rather than quantified.
Related reading
Sources & methodology
Observations retain their source, period and definition. Uncertainty is preserved; missing values are not zero.
- Dave's Hot Chicken sold to Subway owner Roark Capital in a $1 billion deal (Associated Press via WSLS) ↗
Associated Press via WSLS · 2025-06-02T00:00:00.000Z
- Subway-owner Roark Capital buys Dave's Hot Chicken for $1 billion (Yahoo Finance) ↗
Yahoo Finance
- Dave's Hot Chicken names Jim Bitticks CEO (QSR Magazine) ↗
QSR Magazine
- Dave's Hot Chicken promotes COO Jim Bitticks to CEO (Restaurant Dive) ↗
Restaurant Dive
- Dave's Hot Chicken turns up heat with 500th restaurant (Franchising.com) ↗
Franchising.com · 2026-10-08T00:00:00.000Z
- Dave's Hot Chicken (Wikipedia, citing company announcements and press coverage) ↗
Wikipedia
Accessed 2026-11-02.