Who Owns Dave's Hot Chicken?
Updated onExplore the ownership hierarchy of Dave's Hot Chicken. See parent companies, holding structures, and ultimate controllers.
Ownership Chain
Dave's Hot Chicken
Dave's Hot Chicken is an American fast casual restaurant chain specializing in Nashville-style hot chicken tenders and sliders, founded in Los Angeles in 2017 and now franchised internationally.
Roark Capital
Roark Capital is an Atlanta-based private equity firm that invests in consumer and business service companies, with a focus on franchise and multi-location brands.
Dave's Hot Chicken
Dave's Hot Chicken is an American fast casual restaurant chain specializing in Nashville-style hot chicken tenders and sliders, founded in Los Angeles in 2017 and now franchised internationally.
Roark Capital
Roark Capital is an Atlanta-based private equity firm that invests in consumer and business service companies, with a focus on franchise and multi-location brands.
Major Shareholders
Dave's Hot Chicken
Major Shareholders
| Name | Type | Ownership | As of |
|---|---|---|---|
Roark Capital Group Atlanta‑based private equity firm and current controlling owner of Dave’s Hot Chicken. In June 2025 Roark acquired a majority stake in a deal valued at about $1 billion; CEO Bill Phelps has said Roark will own roughly three‑quarters of the company after the transaction, though some reports describe the stake as around 70%, so public sources indicate Roark controls roughly 70–75% of the equity and voting power. | Institutional | — | Jun 2025 |
Phelps–Davis investor group (Bill Phelps, John Davis and partners) Franchising investor group that first bought a 50% stake in 2019, led by former Wetzel’s Pretzels CEO/co‑founder Bill Phelps and film producer John Davis. This group was reported as holding the largest stakes in Dave’s Hot Chicken prior to the Roark deal and Phelps has said he rolled over roughly half of his equity, leaving the group with a significant but minority stake after Roark’s majority acquisition. Exact percentage is not publicly disclosed. | Other | — | Jun 2025 |
Founder group (Dave Kopushyan, Arman Oganesyan, Tommy Rubenyan, Gary Rubenyan) Original founders of Dave’s Hot Chicken, who owned the company outright at launch and remained major shareholders through its early growth. Prior to the Roark transaction, outside reporting (summarizing Forbes) indicated each founder held around 10% of the business; they sold most but not all of their stakes in the 2025 sale and retained a meaningful minority position. Co‑founder Arman Oganesyan has said the original partners collectively kept roughly 30% of the company post‑deal, but public sources do not break down how that remainder is split between founders, the Phelps–Davis group and celebrity investors. | Founder | — | Jun 2025 |
Drake (Aubrey Drake Graham) Canadian rapper and entrepreneur who took a minority stake in Dave’s Hot Chicken in 2021 and has been described by the company as one of its largest individual investors. He retained an interest through the 2025 Roark sale and reportedly realized a substantial gain; however, his exact percentage ownership before or after the transaction has not been publicly disclosed. | Individual | — | Jun 2025 |
Other celebrity investors (Samuel L. Jackson, Maria Shriver, Michael Strahan, Tom Werner, Usher and others) A group of well‑known entertainment and sports figures hold small minority stakes in Dave’s Hot Chicken alongside Drake. Publicly named investors include actor Samuel L. Jackson, journalist and former California First Lady Maria Shriver, television host and former NFL player Michael Strahan, Boston Red Sox chairman Tom Werner, and singer Usher (who is also tied to an Atlanta franchise partnership). Combined, these celebrity investors are generally characterized as holding a modest portion of the remaining equity following Roark’s majority buyout; specific individual or aggregate percentages have not been disclosed. | Other | — | Jun 2025 |
Roark Capital
Major Shareholders
| Name | Type | Ownership | As of |
|---|---|---|---|
Neal K. Aronson Founder and Managing Partner of Roark Capital Group; Forbes describes him as the principal investor behind Roark Capital and states that he remains the firm’s majority owner. The exact equity percentage is not publicly disclosed, and the firm is otherwise privately held with additional minority ownership believed to be held by other Roark partners and employees. | Founder | — | Dec 2025 |
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