Dave’s Hot Chicken, which started as a humble street-food stand in East Hollywood turned celebrity-backed industry giant, could soon become a 10-figure company.
According to a recent report from the Wall Street Journal, the Pasadena-based company is close to selling for nearly $1 billion to private-equity firm Roark Capital.
Since its creation in 2017 as a pop-up, the Nashville-style chicken company has exploded in popularity and currently boasts about 270 locations. About one-quarter of those, the WSJ reports, are in California.
Now, it’s set to join the Roark portfolio filled with other brands like Arby’s, Auntie Anne’s, Buffalo Wild Wings, Sonic and more. It purchased sandwich chain Subway for $9 billion in 2023, the WSJ says.
The massive sale could lead to even further expansion for the popular chicken spot. As of now, it has locations in Canada, the United Kingdom and even across the Middle East in Qatar, Saudi Arabia and the United Arab Emirates.
Since its 2017 founding, Dave’s Hot Chicken has incurred celebrity investors like rapper Drake and actor Samuel L. Jackson.
