The Wild True Story Behind Dave’s Hot Chicken’s $1 Billion Deal—From Broke Dropouts to Private Jet Winners
Dave’s Hot Chicken just sold a massive stake for $1B, making millionaires out of its underdog founders—and a few lucky employees, too.
| Valuation: | $1 billion in 2025 sale |
| Global Locations: | 300+ |
| Employee Millionaires: | 20+ |
| Systemwide Sales (2024): | $620 million |
Dave’s Hot Chicken, the social media-fueled sensation born in a Los Angeles parking lot, just found itself at the center of an epic billion-dollar payday. Roark Capital—the superpower behind brands like Subway and Dunkin’—has snapped up a 70% stake in Dave’s, shooting its four street-smart founders and several employees straight into the ranks of instant millionaires.
The brainchild of four Armenian-American friends and high school dropouts—including a standup comedian and a former vegetarian chef—Dave’s Hot Chicken now serves up Nashville-style spice and viral hype from over 300 outposts worldwide. With rapper Drake (yes, that Drake) among its celebrity investors, this fiery upstart has become one of the fastest-growing restaurant chains on the planet in just eight years.
Q: Who Are the Real Stars Behind Dave’s Hot Chicken?
Meet Arman Oganesyan, Dave Kopushyan, and brothers Tommy and Gary Rubenyan—LA natives who were so broke in 2017, they scraped together just $900 to buy a fryer and heat lamps for their first pop-up. Their backgrounds: dropouts, first-generation Americans, a comedian, and a chef who hadn’t tasted chicken in years. They started out in parking lots, with a recipe so spicy the hottest “Reaper” level makes customers sign waivers.
Thanks to relentless social media buzz (millions of weekly TikTok views) and a “cult following,” Dave’s exploded. Early support from food industry legends like Bill Phelps and Hollywood producer John Davis propelled the brand beyond street cred, turning it into a global moneymaker—and a private equity target.
How Did Dave’s Go From Pop-Up to Billion-Dollar Icon?
As chicken overtook beef in popularity in the U.S., Dave’s seized the moment. After a rave Eater LA review in week one, the crew opened a permanent spot in East Hollywood—where crowds wrapped the block, hungry for saucy chicken sliders and pickles.
Within just a year, Dave’s was grossing $5 million, even in a “dump” of a location. Strategic partnerships and viral menu items fueled expansion across the country and overseas, sweeping through TikTok feeds and Instagram stories.
What Makes Dave’s Hot Chicken So Addictive?
From the signature cayenne-crusted chicken to the spicy, irreverent brand voice, everything about Dave’s is built for excitement. The menu features six levels of heat, and the founders never lost sight of their roots, keeping the food affordable and the culture celebratory—even as millionaires.
Star power didn’t hurt: Drake, seeing the hype, invested early. The founders’ wild personal stories—like Oganesyan’s viral post atop a McLaren, waiting for distant relatives to call—only add to the legend.
Which Employees Hit the Jackpot in the Sale?
In a rare move for the fast-food world, Dave’s leadership carved out a multimillion-dollar bonus pool for staff. More than 20 employees, from executives to assistant managers, are now millionaires. Some workers snagged life-changing six-figure checks—unheard of in this sector.
How to Build the Next Hot Chicken Empire in 2025
- Spot the trend early: Chicken continues to dominate U.S. menus, and unique flavors win.
- Go viral or go home: Push authentic, shareable social content. Let foodies do your marketing.
- Reward your team: It’s not just the founders who should prosper.
- Partner wisely: Celebrity backers and industry experts can supercharge growth.
- Stay bold: Take risks, keep it fun, never forget your hungry beginnings.
For more stories on restaurant industry wildcards, visit Forbes or check in with USDA for food trend data.
Ready to cook up your own billion-dollar dream? Start hustling—and keep it hot!
- ✅ Find your unique flavor or concept
- ✅ Tap into viral marketing early and often
- ✅ Build your team with loyalty and long-term rewards
- ✅ Connect with influential partners
- ✅ Scale smart—without losing your original spark
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