The Los Angeles-based Dave’s Hot Chicken chain has been sold to the Georgia backers of Subway and three other major sandwich shop chains in a $1 billion deal, the new owners announced.
Roark Capital, which also backs the owners of Jimmy John’s, McAlister’s and Schlotzsky’s, plus Dunkin’ and Sonic Drive-Ins, controls 22 restaurant chains but not a fried chicken company.
Dave’s, founded in 2017 in East Hollywood, California, expanded at the height of the cayenne-pepper Nashville hot chicken craze. Expansion in Texas has slowed as the market quickly became oversaturated…