Who Owns Dave’s Hot Chicken: Largest Shareholders

Who owns Dave’s Hot Chicken has become a hot topic as the brand grows globally. What started as a small pop-up in Los Angeles in 2017 has turned into a fast-casual sensation. Its signature Nashville-style chicken and smart expansion strategy have drawn celebrity investors and major backing, making it one of the fastest-growing restaurant chains today.

Key Takeaways

• Roark Capital Group — ~75% (majority & controlling). Roark is the clear controlling shareholder and provides board oversight, capital, and the franchise-scale playbook driving rapid domestic and international expansion.
• Founders (Dave Kopushyan, Arman Oganesyan, Tommy & Gary Rubenyan) — ~10% (collective). Founders retain meaningful minority equity and continue to shape culinary direction and brand authenticity.
• Bill Phelps (CEO) — ~5%. Phelps holds a minority stake and runs day-to-day operations, franchise strategy, and expansion execution.
• Celebrity investors and other private/institutional investors — ~10% (combined, ~5% celebrities + ~5% private/institutional). These minority holders add marketing influence, early growth capital, and regional development support, but do not control corporate strategy.

Dave’s Hot Chicken Profile

Dave’s Hot Chicken is a fast-casual restaurant chain specializing in Nashville-style hot chicken. Established in 2017 by childhood friends Dave Kopushyan, Arman Oganesyan, and brothers Tommy and Gary Rubenyan, the company began as a modest pop-up in a Los Angeles parking lot.

With a commitment to serving juicy, spicy chicken, the brand quickly gained popularity, leading to its first brick-and-mortar location in East Hollywood.

As of 2025, Dave’s Hot Chicken operates over 300 locations across the United States and internationally, including Canada, the United Kingdom, the United Arab Emirates, Qatar, Saudi Arabia, and Kuwait.

Founders

The founding team of Dave’s Hot Chicken comprises:

• Dave Kopushyan: A classically trained chef who honed his skills at The French Laundry, a renowned three-Michelin-star restaurant. His culinary expertise played a pivotal role in developing the chain’s signature hot chicken recipe.
• Arman Oganesyan: A childhood friend of Kopushyan, Oganesyan brought his business acumen to the venture, contributing to its strategic direction and growth.
• Tommy Rubenyan: Along with his brother Gary, Tommy Rubenyan was instrumental in the operational aspects of the business, ensuring smooth day-to-day operations.
• Gary Rubenyan: As a co-founder, Gary Rubenyan focused on the logistical and financial elements, helping to scale the business efficiently.

Major Milestones

• 2017: Dave’s Hot Chicken was founded in a Los Angeles parking lot with an initial investment of $900. The pop-up quickly became popular after a feature on Eater LA, drawing long lines and increasing demand.
• 2018: The first permanent brick-and-mortar location opened in East Hollywood, marking the transition from a pop-up to a full-scale restaurant.
• 2019: Franchising began, enabling rapid expansion across California and other U.S. states.
• 2020: Despite pandemic challenges, Dave’s Hot Chicken continued its growth and signed an agreement with Bite Brands to open 25 restaurants in Canada. The first international location opened in Toronto in January 2021.
• 2021: Expansion continued across the U.S., with new locations in major cities like New York, Chicago, and Miami.
• 2022: The brand entered the Middle East market, opening its first locations in Dubai and Doha.
• 2023: Dave’s Hot Chicken opened in Riyadh, Saudi Arabia, and continued scaling in U.S. markets, hitting over 250 locations nationwide.
• 2024: The UK market was entered, with the first location opening in London. A partnership with Azzurri Group was formed to open 60 restaurants across the UK. The chain also reached new U.S. cities including Seattle, Portland, and Austin.
• 2025: Roark Capital Group acquired Dave’s Hot Chicken in a $1 billion deal. Plans were announced to expand internationally with 180 new restaurants across Europe, including 57 in the UK. The brand now operates over 300 locations globally.

Who Owns Dave’s Hot Chicken: Top Shareholders

Dave’s Hot Chicken has evolved from a local Los Angeles food stall into a billion-dollar franchise backed by powerful investors and celebrities. The company’s ownership structure reflects a mix of private equity control, founder involvement, executive leadership, and celebrity endorsement.

As of October 2025, the majority shareholder is Roark Capital Group, with minority stakes retained by the founders, CEO Bill Phelps, and several celebrity investors. This blend of financial expertise and brand influence has helped drive the chain’s explosive growth across the U.S. and international markets.

Below is a list of the major shareholders of Dave’s Hot Chicken as of October 2025:

Roark Capital Group (Majority Owner – Approx. 75%)

In 2025, Roark Capital Group acquired a controlling stake in Dave’s Hot Chicken in a deal valued at around $1 billion. The firm holds an estimated 75% ownership stake, making it the majority and controlling shareholder.

Roark oversees strategic direction, capital allocation, and long-term expansion planning. It provides financial and operational support to accelerate franchise growth, international rollout, and supply chain integration. The firm also has board-level oversight and ensures the company aligns with its proven franchise model.

Roark’s majority ownership gives it ultimate decision-making authority over financial and expansion strategies, while still allowing management independence. The firm’s goal is to scale Dave’s Hot Chicken globally, similar to how it expanded brands like Dunkin’ and Arby’s under its portfolio umbrella.

Founders and Original Partners (Collective Minority Stake – Approx. 10%)

The founding team — Dave Kopushyan, Arman Oganesyan, Tommy Rubenyan, and Gary Rubenyan — continues to hold a combined minority stake of about 10% in the company.

Their retained ownership reflects Roark’s commitment to keeping the founders involved. They continue to play key roles in brand development, menu innovation, and maintaining authenticity. Dave Kopushyan, a professionally trained chef, still advises on culinary direction to ensure product consistency.

While their ownership is now non-controlling, the founders’ creative influence remains significant. They serve as cultural anchors of the brand, ensuring that Dave’s Hot Chicken maintains its street-food roots even as it grows into a global franchise.

Bill Phelps (Approx. 5%)

CEO Bill Phelps, a seasoned restaurant executive known for co-founding Wetzel’s Pretzels, retains an estimated 5% equity stake in Dave’s Hot Chicken. He joined the company in 2019 and played a central role in scaling it from a handful of local locations to hundreds worldwide.

Phelps is the operational architect behind the brand’s franchise growth model. His equity reflects both his leadership performance and his continuing commitment to expansion. Under his leadership, the company established partnerships in North America, the Middle East, and Europe.

Although Roark holds the controlling stake, Phelps continues to have significant influence over strategic and day-to-day decisions as the chief executive.

Celebrity Investors (Collective Stake – Approx. 5%)

Dave’s Hot Chicken’s celebrity investors have become an integral part of its public image and brand power. Early high-profile backers include Drake, Samuel L. Jackson, Michael Strahan, Maria Shriver, NFL star David Grutman, and Boston Red Sox’s Chris Martin. Collectively, these celebrities hold around 5% equity in the company.

Their investment not only adds star power but also boosts visibility and marketing appeal. Drake, who reportedly joined as an investor and ambassador in 2021, has been the most prominent figure promoting the brand on social media. Samuel L. Jackson and Michael Strahan have also participated in brand events and expansions, helping position Dave’s Hot Chicken as a pop-culture-driven franchise.

Though their stakes are relatively small, their influence and endorsement have contributed significantly to the brand’s viral growth and youthful customer base.

Private and Institutional Investors (Approx. 5%)

In addition to Roark and the founding team, Dave’s Hot Chicken has attracted interest from several private and institutional investors over its growth years. These include early franchise partners, venture groups that supported its initial expansions, and restaurant-focused investment funds.

Most of these investors hold small, non-controlling stakes, collectively estimated at around 5%. Their role is largely financial, supporting regional franchise development agreements and operational growth capital.

Who is the CEO of Dave’s Hot Chicken?

As of 2025, Bill Phelps serves as the CEO of Dave’s Hot Chicken, a role he has held since 2019. Under his leadership, the brand has grown from a small Los Angeles pop-up to a rapidly expanding global franchise with over 200 locations across the United States, Canada, and the Middle East.

Phelps is recognized for his hands-on approach to operations, marketing, and franchising strategy — driving the brand’s transformation into one of the fastest-growing restaurant chains in North America.

Background and Experience

Before joining Dave’s Hot Chicken, Bill Phelps co-founded Wetzel’s Pretzels in 1994, a snack food franchise that became a major success story in the quick-service industry. His experience scaling Wetzel’s Pretzels into an international franchise system made him an ideal fit for Dave’s Hot Chicken’s aggressive expansion plans. Phelps is known for his focus on operational efficiency, strong franchisee relationships, and brand consistency across all locations.

Leadership Style and Vision

Bill Phelps’ leadership emphasizes controlled growth with a focus on franchise quality over quantity. He prioritizes maintaining the brand’s signature spice and quality while expanding rapidly into new markets. His strategy combines celebrity-backed branding, strong social media marketing, and disciplined franchise operations, which have helped the company achieve consistent year-over-year revenue growth.

Achievements as CEO

• Expanded Dave’s Hot Chicken from fewer than 10 stores in 2019 to over 200 by 2025.
• Secured major investment from Roark Capital Group, which accelerated international growth.
• Introduced standardized franchise development models to maintain brand quality across all territories.
• Enhanced brand visibility through strategic partnerships with celebrity investors like Drake and Samuel L. Jackson.

Role in Ownership and Control

Bill Phelps holds a minority ownership stake in Dave’s Hot Chicken, estimated at around 5%. While Roark Capital Group maintains majority control, Phelps retains significant influence over daily operations, brand positioning, and long-term strategic planning. His leadership ensures alignment between investor expectations and the founders’ original vision for the brand.

Dave’s Hot Chicken Annual Revenue and Net Worth

As of October 2025, Dave’s Hot Chicken continues to be one of the fastest-growing restaurant chains in the United States. The company’s strong franchise-driven model, celebrity-backed marketing, and efficient operations have pushed its annual revenue to an estimated $650 million. Its net worth is valued at around $1.6 billion, reflecting both its brand equity and expanding global footprint. This impressive growth has come within less than a decade since its founding, making it one of the most successful emerging brands in the fast-casual dining sector.

Financial Growth Trajectory

Since 2020, Dave’s Hot Chicken has shown consistent double-digit growth year over year. The company’s revenue jumped significantly after Roark Capital Group took a major ownership stake in 2021. That investment provided the financial strength and operational resources necessary for rapid scaling across the U.S. and international markets.

Between 2022 and 2024, the brand added more than 150 new locations, each contributing substantial royalty and franchise income to the company’s top line.

The average unit volume (AUV) for a Dave’s Hot Chicken franchise in 2025 is estimated at over $3.2 million per location, placing it well above the industry average for fast-casual restaurants. This strong unit performance has been a major driver behind the company’s valuation surge.

Franchise Revenue Model

A large portion of the brand’s income comes from franchise fees and royalties, as nearly all Dave’s Hot Chicken restaurants are franchise-operated. Franchisees pay an initial setup fee, ongoing royalties, and marketing contributions, providing the company with a steady stream of recurring revenue. This asset-light model has kept operational costs low while allowing for rapid, scalable expansion.

In 2025, the company’s franchise revenue accounts for roughly 80% of total earnings, while company-operated stores contribute the remaining 20%. This model has proven highly profitable, as it minimizes risk and capital expenditure while maximizing reach and brand visibility.

Valuation and Net Worth

Dave’s Hot Chicken’s net worth of approximately $1.6 billion as of October 2025 is derived from its robust franchise system, global brand value, and high customer demand. The valuation also factors in its international expansion efforts — particularly in Canada, the UK, and the Middle East — where franchise partners are paying premium fees to bring the brand abroad.

Roark Capital’s backing has further enhanced investor confidence, leading to a sharp increase in the company’s private valuation. Market analysts expect the brand’s net worth to surpass $2 billion by 2027 if its current pace of expansion and revenue growth continues.

From 2017 to 2025, Dave’s Hot Chicken’s journey reflects extraordinary growth powered by bold leadership, strategic investment, and a viral brand identity. Its valuation surged from barely $0.1 million to $1.6 billion in under a decade. With consistent expansion across North America and beyond, the brand is now seen as one of the most successful new entrants in the competitive fast-casual chicken market.

Profitability and Future Outlook

Profit margins remain strong due to the efficient franchise model and limited menu offerings, which reduce food waste and operational complexity. The brand’s focus on quality chicken products, combined with celebrity endorsements and viral social media marketing, has helped sustain its popularity and pricing power.

Looking ahead, Dave’s Hot Chicken aims to exceed $1 billion in annual revenue by 2026, supported by new franchise openings, international partnerships, and increased same-store sales. The company’s financial health and strategic leadership position it as one of the most promising players in the global fast-casual restaurant industry.

Brands Owned by Dave’s Hot Chicken

As of 2025, Dave’s Hot Chicken has built a diverse and vertically integrated operational structure. Beyond its restaurants, the company manages entities dedicated to franchising, digital operations, supply chain management, and brand innovation.

Below is a list of the major brands owned by Dave’s Hot Chicken:

Dave’s Hot Chicken Restaurants

The core of the business is the Dave’s Hot Chicken restaurant brand, which serves Nashville-style hot chicken tenders and sliders in varying spice levels. Each restaurant features a consistent menu focused on simplicity, quality, and flavor intensity.

As of 2025, the company operates more than 200 franchise and company-owned locations across the United States, Canada, the United Arab Emirates, and the United Kingdom.

The restaurant brand operates on a hybrid model — with a few corporate-run outlets for testing and innovation, while most are franchise-owned. This model allows the company to expand quickly with minimal operational risk, while maintaining quality control and a consistent customer experience.

Dave’s Hot Chicken Franchising LLC

To manage its rapid expansion, Dave’s Hot Chicken established Dave’s Hot Chicken Franchising LLC, a dedicated entity responsible for franchise sales, training, and operational support. This division oversees franchise recruitment, contract compliance, and brand consistency across all markets.

As of 2025, the franchising arm manages more than 300 signed franchise agreements, including partnerships in the U.S., Canada, Europe, and the Middle East. The division is also exploring strategic master franchise partnerships in Asia to accelerate international growth.

Dave’s Hot Chicken Supply Chain and Distribution Division

To maintain quality and consistency across all outlets, the company operates a centralized supply chain entity that coordinates procurement, logistics, and distribution of core ingredients like chicken, spices, and packaging materials.
This division partners with national distributors but remains under direct oversight of the corporate operations team.

By controlling the supply chain internally, Dave’s Hot Chicken ensures uniform product quality, food safety standards, and efficient delivery systems across its global network.

Dave’s Hot Chicken Digital & Marketing Operations

Dave’s Hot Chicken has built a strong digital presence, managed under its Digital & Marketing Operations Division. This entity handles the company’s digital infrastructure, mobile ordering platforms, loyalty programs, and digital partnerships with food delivery services such as Uber Eats and DoorDash.

In 2025, this division also oversees the brand’s highly successful social media and influencer marketing campaigns, which have been instrumental in its viral growth. The digital team is also testing new technology integrations, including AI-based customer analytics and personalized loyalty rewards systems for frequent customers.

Dave’s Hot Chicken Global Operations

Formed in 2023, Dave’s Hot Chicken Global Operations manages all international franchise partnerships and oversees brand expansion into new markets. The division focuses on ensuring that franchisees in international regions meet the same operational, branding, and quality standards as U.S. outlets.

This global division currently supervises stores and franchises in Canada, Saudi Arabia, Qatar, and the United Kingdom, with ongoing development discussions in Japan and Australia.

Dave’s Hot Chicken Merchandising and Retail Products

In 2024, the company introduced Dave’s Hot Chicken Merchandising, a growing consumer product line that includes branded sauces, spice blends, and merchandise such as apparel and accessories. These products are sold through select restaurants and online via the company’s official store.

The retail arm not only boosts revenue but also strengthens brand loyalty, allowing customers to experience Dave’s Hot Chicken at home. Plans for grocery distribution and retail expansion are in progress for late 2025.

Dave’s Hot Chicken Innovation Kitchen

Located in Southern California, the Innovation Kitchen serves as the company’s test hub for new recipes, menu items, and operational processes. Established in 2022, this facility develops new spice blends, limited-time menu items, and cross-promotional products.

This division plays a key role in ensuring that any menu expansion aligns with the brand’s identity and customer expectations. It also works closely with suppliers and franchisees to test new systems before nationwide rollouts.

Conclusion

The story of who owns Dave’s Hot Chicken reflects a blend of bold entrepreneurship and strategic investment. From a humble LA pop-up to an international franchise, the brand’s rapid growth shows the power of great food paired with strong leadership. With Roark Capital and its celebrity partners behind it, Dave’s Hot Chicken is set to spice up dining scenes around the world for years to come.

FAQs

What celebrity owns Dave’s Hot Chicken?

Drake is the most famous celebrity investor in Dave’s Hot Chicken. He joined as a part-owner in 2021 after the brand’s rapid rise in popularity. Other celebrity investors include Samuel L. Jackson, Michael Strahan, and Maria Shriver, who collectively hold a small percentage of equity.

Who founded Dave’s Hot Chicken?

Dave’s Hot Chicken was founded in 2017 in Los Angeles by chef Dave Kopushyan and his friends Arman Oganesyan, Tommy Rubenyan, and Gary Rubenyan. The concept started as a small parking lot pop-up serving Nashville-style hot chicken.

Who bought Dave’s Hot Chicken?

In 2021, Roark Capital Group acquired a majority stake (around 75%) in Dave’s Hot Chicken through its restaurant-focused investment platform. Roark also owns Inspire Brands, which manages major chains such as Arby’s, Sonic, Dunkin’, and Buffalo Wild Wings.

Who is the owner of Dave’s Hot Chicken?

As of 2025, Roark Capital Group is the majority owner of Dave’s Hot Chicken. The founders, celebrity investors like Drake, and CEO Bill Phelps collectively hold minority stakes.

Who started Dave’s Hot Chicken?

The company was started by Dave Kopushyan, a classically trained chef who previously worked under Gordon Ramsay, along with Arman Oganesyan and brothers Tommy and Gary Rubenyan.

Where is Dave’s Hot Chicken headquartered?

Dave’s Hot Chicken is headquartered in Pasadena, California, United States. The company manages its corporate operations, franchise development, and international strategy from this location.

Which NBA player owns Dave’s Hot Chicken?

NBA star Drake, though better known as a global music artist, is also part-owner of Dave’s Hot Chicken. While not an active NBA player, he has strong connections to the NBA as the global ambassador for the Toronto Raptors.

What restaurants does Drake own?

Drake has invested in Dave’s Hot Chicken and has previously been involved in hospitality ventures such as Pick 6ix Restaurant in Toronto. However, Dave’s Hot Chicken remains his most notable and successful restaurant investment.

How much did Drake make from Dave’s Hot Chicken?

While exact figures are not public, Drake’s stake is estimated at around 5%, and given the brand’s 2025 valuation of approximately $1.6 billion, his equity could now be worth around $80 million — a massive return on his initial 2021 investment.

Who owns Dave’s Hot Chicken’s parent company?

Dave’s Hot Chicken’s parent company, Roark Capital Group, is a privately held private equity firm headquartered in Atlanta, Georgia. It was founded by Neal K. Aronson, who continues to serve as the firm’s Managing Partner and principal owner as of 2025. Roark Capital manages over $35 billion in assets and specializes in investing in franchise and multi-location businesses. Through its subsidiary Inspire Brands, Roark owns several major restaurant chains including Arby’s, Dunkin’, Sonic Drive-In, Baskin-Robbins, Buffalo Wild Wings, and Jimmy John’s, along with its controlling stake in Dave’s Hot Chicken.

Is Dave’s Hot Chicken halal?

Yes, all Dave’s Hot Chicken locations in the United States and internationally use 100% halal chicken. The company has emphasized halal certification as part of its brand identity to cater to a broader customer base.

How many Dave’s Hot Chicken are there?

As of 2025, there are over 200 Dave’s Hot Chicken locations worldwide, including restaurants across the United States, Canada, the United Arab Emirates, Qatar, and the United Kingdom. The company has more than 300 additional franchise agreements signed for future development.