If you've been asking who owns Dave's Hot Chicken, here's the direct answer: as of June 2025, the majority owner is Roark Capital Group, a private equity firm that acquired the brand for approximately $1 billion. The four original co-founders retain a minority stake and remain involved in the business.
So Who Owns Dave's Hot Chicken Right Now?
The simple version: Roark Capital Group is the majority owner. The deal closed in June 2025 and was valued at roughly $1 billion. Before that, the company was founder-controlled, with a handful of outside investors holding minority positions.
What hasn't changed is the people running the day-to-day operation. The founding team stayed on. The executive leadership remained intact. And the franchise model the engine that's been driving the brand's growth continues as before.
One thing worth correcting upfront: a number of sources online still list Bill Phelps as CEO. That's out of date. Jim Bitticks, who previously served as President and COO, was appointed CEO in late 2025. Phelps has since left to pursue other ventures.
Is Dave's Hot Chicken Publicly Traded?
No. The brand is privately held. Roark Capital is a private equity firm it does not put its portfolio companies on the stock market. There is no ticker symbol for Dave's Hot Chicken.
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The Four Co-Founders: Where the Brand Actually Came From
Dave's Hot Chicken didn't start with a business plan or a venture pitch. In 2017, four childhood friends set up in an East Hollywood parking lot with folding tables, portable fryers, and roughly $900 between them.
The idea was simple: serve really good Nashville-style hot chicken.It worked. Lines started forming. The food traveled by word of mouth, and what began as a weekend pop-up grew into something nobody quite expected at that scale or speed.
Meet the Four Co-Founders
Dave Kopushyan
The 'Dave' in the name. He developed the recipes and remains the brand's chef. After the Roark acquisition, he stayed on in a culinary leadership role.
Arman Oganesyan
Co-founder and current Chief Brand Officer. He oversees brand identity and creative direction one of the more publicly visible roles among the founding group.
Tommy Rubenyan
Co-founder and one of two Rubenyan brothers in the founding team. Less publicly prominent since the acquisition, but part of the original group from day one.
Gary Rubenyan
Tommy's brother and fellow co-founder. Also part of the original parking lot operation.
Note: All four founders retain a minority equity stake following the Roark Capital acquisition. The exact percentage breakdown has not been made public.
How the Brand Grew Before the Acquisition
Franchising launched in 2019. That same year, Bill Phelps who had previously co-founded Wetzel's Pretzels joined as CEO and brought a structured growth model with him. The approach was deliberate: franchise rights were only available to experienced operators.
Applicants needed a minimum net worth of $5 million and a track record running multiple quick-service or fast-casual locations.By the time Roark came into the picture, Dave's had sold franchise rights for more than 1,000 locations across the U.S., Canada, the Middle East, and the U.K.
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Celebrity Investors: What Their Stakes Actually Mean
Several well-known names became minority investors in Dave's Hot Chicken before the Roark acquisition. This is where a lot of people get the ownership picture muddled.
Who Are the Celebrity Investors?
Drake
One of the more prominent names attached to the brand. He has publicly described trying the food and being drawn in by the founders' story. His exact ownership stake has never been disclosed.
Samuel L. Jackson
Also a confirmed minority investor. No financial terms have been made public.
Usher
Confirmed investor. Specific stake undisclosed.
Tom Werner
Chairman of the Boston Red Sox. Invested alongside the celebrity names. His terms are also undisclosed.
Here's the important part: these are passive financial investments. None of these investors run the business, make operational decisions, or have board-level control.
Drake holding a minority stake does not make Drake an owner in any meaningful day-to-day sense. It means he has a financial interest in the company's performance.
Note: The exact stake size for every celebrity and early investor is undisclosed. No reliable source has confirmed specific percentages.
The Roark Capital Acquisition: What Happened and Why It Matters
In June 2025, Dave's Hot Chicken announced it had been acquired by Roark Capital Group. The deal came in at approximately $1 billion. Roark took a majority ownership position. The founders retained minority equity and stayed in their existing roles.
This wasn't a sudden move. Reuters had reported earlier in 2025 that the company was actively exploring a sale. Roark emerged as the buyer after a process that the company's finance team described as complex.
What Is Roark Capital?
Roark Capital is an Atlanta-based private equity firm with a very specific focus: franchise and chain-based businesses. Their restaurant portfolio is extensive. They own Subway the largest fast-food chain in the world by location count.
They also control Inspire Brands, which runs Dunkin', Buffalo Wild Wings, and Sonic, among others. And they own GoTo Foods, which includes Cinnabon, Auntie Anne's, and Carvel.
That context matters when thinking about why the founders chose Roark. It wasn't just about the money. Roark brings an international franchise network, infrastructure, and relationships with experienced multi-unit operators which is exactly what Dave's needed to push into Asia and other untapped markets.
Is Dave's Hot Chicken Part of Subway or Inspire Brands?
No. This is a common source of confusion. While Roark owns both Subway and Inspire Brands, Dave's Hot Chicken operates as its own independent entity within Roark's portfolio. It hasn't been absorbed into either group. The brand keeps its own leadership, identity, and franchise system.
What the Deal Means in Practice
For customers and franchisees, day-to-day operations haven't changed. The food is the same. The franchise model is the same. What has changed is access to capital, to Roark's international franchisee relationships, and to infrastructure that helps the brand scale faster.
Dave's opened its 400th restaurant in 2025 in Abu Dhabi. A deal with UK-based Azzurri Group is bringing the brand to ten European countries. Domestically, new development agreements are being signed across multiple states. The growth pace has accelerated, not slowed.
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Who Runs Dave's Hot Chicken Today?
Ownership and management are two separate things. Here is who is currently leading the brand:
Current Leadership Team
Jim Bitticks — CEO
Appointed CEO in late 2025 after serving as President and COO. His stated focus is franchise operations and maintaining consistency as the brand expands.
Dave Kopushyan — Chef and Co-Founder
Remains active in a culinary leadership role. Food quality was cited by Bitticks as the single most important thing to protect during rapid growth.
Arman Oganesyan — Chief Brand Officer
Co-founder still leading brand direction. One of the more publicly active members of the founding team post-acquisition.
Brandon Rhoten — Chief Marketing Officer
Brings prior experience from Wendy's and Potbelly. Joined as part of the leadership refresh following the Roark deal.
Joshua Liggins — VP of Franchise Development
Previously worked with Dunkin', Baskin-Robbins, and Sonic. Responsible for growing the franchise footprint strategically.
Note: Bill Phelps, who served as CEO from 2019 through the acquisition period, has since departed. He is now backing an early-stage birria taco brand through his franchising investment firm.
Ownership Timeline: A Clear Sequence
2017 — The Beginning
Dave Kopushyan, Arman Oganesyan, Tommy Rubenyan, and Gary Rubenyan launch a hot chicken pop-up in an East Hollywood parking lot. Initial capital: approximately $900.
2019 — Franchising Starts
Bill Phelps joins as CEO. The brand begins selling franchise rights to multi-unit, experienced operators. The structured growth model takes shape.
2021 — Celebrity Investment Round
Drake, Samuel L. Jackson, Usher, Tom Werner, and others take minority stakes. The brand now has 22 locations and is expanding rapidly.
2025 (June) — Roark Capital Acquisition
Roark Capital acquires Dave's Hot Chicken for approximately $1 billion. Founders retain minority equity. Roark becomes majority owner. Brand has 315+ locations at time of deal.
2025 (Late) — Leadership Transition
Jim Bitticks is appointed CEO. Bill Phelps departs. Brand reaches 400 total locations with its Abu Dhabi opening. European expansion announced via Azzurri Group deal.
Conclusion
Dave's Hot Chicken is majority-owned by Roark Capital Group, following a June 2025 acquisition valued at approximately $1 billion. The four co-founders retain minority equity and remain operationally active.
Celebrity investors like Drake and Samuel L. Jackson hold passive minority stakes with undisclosed percentages. Jim Bitticks is the current CEO. The brand is privately held, franchise-operated, and expanding internationally.
Frequently Asked Questions
Q1: Who originally owned Dave's Hot Chicken?
It was founded by four friends: Dave Kopushyan, Arman Oganesyan, Tommy Rubenyan, and Gary Rubenyan. They launched it in 2017 from a parking lot in East Hollywood, Los Angeles.
Q2: Does Dave Kopushyan still own Dave's Hot Chicken?
Yes, partially. He retains a minority equity stake after the Roark Capital acquisition and continues in his role as the brand's chef. The exact percentage of his stake has not been disclosed.
Q3: What stake does Drake own in Dave's Hot Chicken?
Drake holds a minority financial stake. He is a passive investor, not an operator. The exact percentage has never been publicly disclosed by the company.
Q4: Is Dave's Hot Chicken part of Subway or Inspire Brands?
No. Although Roark Capital owns Subway and Inspire Brands, Dave's Hot Chicken is a separate investment that operates independently. It has not been merged into either group.
Q5: Who is the current CEO of Dave's Hot Chicken?
Jim Bitticks, appointed in late 2025. He previously served as President and COO. Bill Phelps, the prior CEO, has since departed the company.
