If you're asking who owns Dave's Hot Chicken, the current answer is Roark Capital Group an Atlanta-based private equity firm that completed a $1 billion acquisition of the brand in June 2025. Before that deal, the company was controlled by its four original co-founders alongside an early investor group that included a few well-known celebrity names. The short answer is: it's no longer founder-run.
Who Owns Dave's Hot Chicken Right Now
Roark Capital Group The Current Majority Owner
Roark Capital Group finalized its acquisition of Dave's Hot Chicken in June 2025. The deal was valued at approximately $1 billion, making it one of the larger restaurant chain transactions of that year.
Roark is a private equity firm that focuses almost entirely on franchise and chain-based consumer brands. Its portfolio gives a clear picture of what it does: it owns Inspire Brands the parent company of Dunkin', Sonic, Buffalo Wild Wings, and Arby's and GoTo Foods, which includes Cinnabon, Carvel, and Auntie Anne's. It also acquired Subway in 2023.
Buying Dave's Hot Chicken fits exactly within Roark's playbook. The firm identifies high-growth franchise systems and scales them aggressively.
Is Dave's Hot Chicken Publicly Traded?
No. Dave's Hot Chicken is privately held. Roark Capital is not publicly listed, and Dave's has no shares available on any stock exchange. There is no way for individual investors to buy stock in the company through a public market.
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The Original Founders: Who Built Dave's Hot Chicken
The Four Co-Founders
Dave's Hot Chicken was founded in 2017 by four people:
- Dave Kopushyan — the chef the brand is named after; he developed the original hot chicken recipe
- Arman Oganesyan — co-founder and early operational partner
- Tommy Rubenyan — co-founder
- Gary Rubenyan — co-founder and Tommy's brother
All four were childhood friends from Los Angeles. Dave Kopushyan had formal culinary training and was the one who developed the spice-level system that became central to the brand's identity.
The $900 Parking Lot Origin
The brand literally started with $900 and portable fryers in an East Hollywood parking lot in 2017. No lease, no commercial kitchen, no storefront.
Early customers found them through Instagram, and word spread fast enough that lines reportedly wrapped around the block before the founders had a proper restaurant to put them in.
Their first brick-and-mortar location opened in 2018. By 2019, they were selling franchise rights.
Do the Founders Still Have Ownership?
Partially. Prior to the Roark deal, the founding team held significant equity. After the acquisition, it is publicly reported that the founders retained a minority stake meaning some financial interest remains but they are no longer the controlling owners. The exact percentage held by each founder post-acquisition has not been publicly disclosed.
Early Investors and Minority Stakeholders
Bill Phelps and the 2019 Investor Group
In 2019, an outside investor group entered the picture. The most prominent figure was Bill Phelps co-founder of Wetzel's Pretzels who joined as CEO and brought a team experienced in building and scaling franchise systems.
This wasn't just capital. Phelps and his partners took operational control and drove the franchise expansion that pushed Dave's from a single Los Angeles location to a national chain. What's often overlooked is that this group built much of what eventually sold for $1 billion.
They had used a near-identical playbook at Wetzel's Pretzels and Blaze Pizza before coming to Dave's.After the Roark acquisition closed in 2025, Phelps stepped down as CEO. He has since moved on to back Mike's Red Tacos, a San Diego-based birria concept same early-stage investment model, different food.
Celebrity Investors: Drake, Samuel L. Jackson, and Others
In 2021, a group of celebrity investors acquired minority stakes in Dave's Hot Chicken. The publicly named investors include rapper Drake, actor Samuel L. Jackson, and Boston Red Sox chairman Tom Werner, among others.
Drake was vocal about the investment at the time, citing both the food and the founders' story as reasons he got involved. These were equity investments, not brand partnerships or paid endorsements. That said, none of the celebrity investors held operational roles they were financial stakeholders only.
The exact size of each celebrity's stake was never publicly disclosed. Whether any of them retained equity after the Roark acquisition or fully exited as part of that transaction has also not been confirmed publicly.
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Who Runs Dave's Hot Chicken Today
Jim Bitticks — Current CEO
Jim Bitticks is the current CEO of Dave's Hot Chicken, appointed following the Roark acquisition. He was previously President and COO of the company, so the move was an internal promotion.
His stated focus is on franchise operations and maintaining consistency as the brand grows internationally. This type of appointment an operations-focused executive replacing a founder-era CEO is common when private equity takes over a fast-growing restaurant chain.
What Happened to Bill Phelps
Phelps served as CEO from 2019 through the acquisition in 2025. He was the central figure in the growth era and was quoted in official press releases when the Roark deal closed. Following the sale, he transitioned out of the role entirely and moved on to his next venture.
Other Recent Leadership Additions
The company also named Brandon Rhoten as Chief Marketing Officer previously with Potbelly and Wendy's and Joshua Liggins as VP of Franchise Development, who came from roles overseeing franchising for Dunkin', Baskin-Robbins, and Sonic. Both appointments point toward a more structured, corporate-style leadership approach than the company had in its earlier years.
How Ownership of Dave's Hot Chicken Has Changed Over Time
The ownership story follows a path that's fairly common for high-growth restaurant brands:
2017 — Four friends found the brand with $900 in an East Hollywood parking lot. Full founder ownership.
2018 — First brick-and-mortar restaurant opens. Still founder-controlled.
2019 — Outside investors enter. Bill Phelps becomes CEO. Franchising begins. Founder equity diluted.
2021 — Celebrity investors including Drake and Samuel L. Jackson acquire minority stakes. Brand's profile rises nationally.
2025 — Roark Capital acquires Dave's Hot Chicken for approximately $1 billion. Roark becomes majority owner. Founders retain a minority stake. Jim Bitticks becomes CEO.
Each stage introduced new stakeholders and diluted founder control. By the time Roark entered, the founding team was already a minority voice in the company's direction.
What Roark Capital's Ownership Means in Practice
Roark's ownership brings more capital and more infrastructure but also more pressure to scale. The firm's entire business is built around franchise systems, and it has the supplier relationships, operational frameworks, and franchise recruitment networks to expand a brand like Dave's far faster than the founding team could on their own.
That expansion is already visible. In 2025, Dave's opened its 400th location in Abu Dhabi. A deal was signed giving UK-based Azzurri Group exclusive rights to open 180 Dave's restaurants across 10 European countries. The first airport location launched inside Harry Reid International Airport in Las Vegas.
In practice, this usually means the guest experience stays the same while the backend becomes more corporate. Menu identity and spice levels haven't changed. What changes is how franchisees are recruited, how supply chains are managed, and how fast new markets are entered.
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Conclusion
Dave's Hot Chicken is owned by Roark Capital Group following a $1 billion deal that closed in June 2025. It was built by four founders who started with $900 and a parking lot. Today, Jim Bitticks serves as CEO, and the brand is in an aggressive international expansion phase under private equity ownership.
Frequently Asked Questions
Is "Dave" a real person, and does he still own Dave's Hot Chicken?
Yes Dave Kopushyan is a real co-founder and the chef behind the original recipe. He likely retains a small minority stake post-acquisition but does not control or operate the company.
Who owns Dave's Hot Chicken now Roark or the founders?
Roark Capital Group holds majority ownership as of June 2025. The founders reportedly retain a minority financial stake, but Roark is the controlling owner.
Did Drake buy Dave's Hot Chicken?
Drake acquired a minority investor stake in 2021. He is not an owner in any controlling sense — he was one of several celebrity minority investors. His post-acquisition status has not been publicly confirmed.
Is Dave's Hot Chicken publicly traded?
No. The company is privately held. Roark Capital is not listed on any stock exchange, and there are no public shares available to buy.
Who is the CEO of Dave's Hot Chicken?
Jim Bitticks is the current CEO, appointed after the Roark acquisition in 2025. He previously served as the company's President and COO.
