The brand was founded in 2017 with $900 in an East Hollywood parking lot. Credit: QualityHD/ Shutterstock.

US-based fast-casual restaurant chain Dave’s Hot Chicken is exploring a potential sale and has hired the investment bank North Point to manage the process.   

The deal could value the company at $1bn, including debt, as reported by Reuters.  

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The sale process is attracting interest from private equity companies.  

The discussions are occurring as restaurant operators such as Dave’s are faced with rising labour costs.  

Known for its Nashville-style hot chicken, Dave’s has seen a surge in consumer demand for chicken and now has more than 250 locations worldwide.  

The company generates $1bn in annual sales. 

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Dave’s and North Point have not responded to requests for comment.

The chain, which is majority-owned by founders Dave Kopushyan, Arman Oganesyan and Tommy and Gary Rubenyan, welcomed rapper Drake as an investor in 2021.  

It has also received support from high-profile individuals such as actor Samuel L Jackson. 

Kopushyan and his co-founders started the business in 2017 in an East Hollywood parking lot with just $900.  

By 2019, they had appointed Bill Phelps, co-founder of Wetzel’s Pretzels, as their CEO.  

Dave’s operates on a franchised business model and has sold rights to more than 1,000 franchise locations across the US, the Middle East and Canada. 

Restaurant franchises are often appealing to private equity firms due to their ability to generate consistent royalty fees and relatively lower operational costs.  

The US restaurant sector has been active in dealmaking, with Blackstone acquiring Tropical Smoothie Cafe in 2024 and chains such as Freddy’s Frozen Custard & Steakburgers and Crumbl currently engaged in discussions on potential sales. 

In February 2025, Dave’s Hot Chicken partnered with Reality Based Group (RBG), a tech-enabled customer experience improvement company, to enhance its customer experience.