3 Armenian friends launched chicken finger stand in LA with $900—it just sold for $1 billion

Arman Oganesyan, Tommy Rubenyan and Dave Kopushyan of Dave’s Hot Chicken.

Joshua Levitt

Photo by Joshua Levitt

 

BY DEE-ANN DURBIN

AP

Dave’s Hot Chicken said Monday it has been acquired by the private equity firm Roark Capital in a deal valued at $1 billion.

Dave’s Hot Chicken got its start in 2017 as a popup in a Los Angeles parking lot. It has grown exponentially since then and expects to end this year with 400 restaurants worldwide. The brand specializes in Nashville-style hot chicken.

Investors in Dave’s Hot Chicken have included the rapper Drake, who gives away hot chicken sliders every year on Oct. 24, his birthday.

Dave’s Hot Chicken said its leadership team — including CEO Bill Phelps and the four childhood friends who founded the company — will remain and continue to lead menu innovation, food quality, operations and marketing.

“Our entire organization 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 in a statement.