Armenian-Founded Dave’s Hot Chicken Acquired for $1 Billion in Historic Deal

BREAKING NEWS: In one of the biggest Armenian-American business success stories of our time, Dave’s Hot Chicken — the spicy chicken restaurant chain started by four Armenian friends — has officially been acquired in a deal worth $1 billion. The buyers? Roark Capital, a private equity firm behind some of the most recognizable names in fast food, including Dunkin’, Subway, and Arby’s.'

But here’s what makes this story even more inspiring: the founders didn’t sell out completely. “The value was $1 billion. But we didn’t sell 100%,” co-founder Arman Oganesyan told The Armenian Report in an exclusive interview. “We still maintained a good amount of ownership.”

When asked how much they held onto, Oganesyan shared: “30% and yes, it’s equally dispersed between partners.”

From a Parking Lot to a Global Brand

Dave’s Hot Chicken started small — very small. In 2017, four Armenian-American friends — Dave Kopushyan, Arman Oganesyan, Tommy Rubenyan, and Gary Rubenyan — scraped together just $900 and set up a pop-up in a parking lot in East Hollywood. Their goal? Serve the best Nashville-style hot chicken Los Angeles had ever seen.

“We had a dream, and we went for it,” Oganesyan said. That dream turned into a fast-growing food sensation.

With a recipe for spicy chicken that captured the internet’s attention, the team leaned heavily on social media to spread the word. What followed was an explosion of support. From one pop-up, the chain has grown to over 320 locations across the U.S. and abroad, turning into a brand recognized around the world.

The American Dream — Armenian Style

The billion-dollar acquisition is more than just a financial win. For many Armenian Americans, it’s a symbol of something bigger.

“This means the American Dream is definitely a possibility,” Oganesyan told The Armenian Report this morning. “For us, the process was very easy, but it might not be the same for everybody.”

He added that the team isn’t stopping here. “What’s next is just continuing to grow Dave’s and possibly working on future projects.”

And here’s something even more important: the heart of the company isn’t changing. Arman told us that the Dave’s Hot Chicken operation will continue to run as it has — only now, with added support. “This just means we’re adding partners to DHC. Everyone is staying on board,” he said.

That includes:

• CEO Bill Phelps

• CFE (President & Chief Operating Officer) Jim Bitticks

• Dave Kopushyan as Chief Culinary Officer

• Arman Oganesyan as Chief Branding Officer

  
  

The leadership is intact. The vision is intact. And the mission? Still as spicy as ever.

Why Roark Capital?

Roark Capital is known for working with franchised restaurants and helping them grow without changing what made them special in the first place. Their portfolio already includes heavyweights like Dunkin’, Baskin-Robbins, and Buffalo Wild Wings.

According to industry insiders, Roark typically allows their acquisitions to operate independently, which means Dave’s Hot Chicken will keep its identity and creative control. That’s good news for Dave’s fans — and for the Armenian founders who are staying deeply involved.

This isn’t just a buyout. It’s a strategic partnership that’s expected to take Dave’s to even greater heights — including talks of expansion into European countries already underway.

A Celebrity-Backed Success Story

One of the unique things about Dave’s is the buzz it’s generated — not just with customers, but with celebrities.

Major names like Drake, Usher, Samuel L. Jackson, and Tom Werner (chairman of the Boston Red Sox) have invested in the brand. Their involvement helped boost the chain’s profile, but the real foundation of Dave’s success has always been its food — bold, flavorful, and consistently high-quality — and its Armenian founders’ hustle.

What It Means for Armenians Everywhere

For the Armenian community, both in the United States and globally, this news is a point of pride. In a world where Armenians are often fighting for recognition, survival, and dignity, stories like Dave’s Hot Chicken show what’s possible when vision meets grit.

The billion-dollar deal proves that Armenian entrepreneurship is not just alive — it’s thriving. It’s a reminder that our community has more than just history. We have future builders, brand makers, and dreamers who can take over the world — even starting from a parking lot in LA.

As Kopushyan, Oganesyan, and the Rubenyan brothers look to the future, the entire Armenian diaspora will be watching, cheering, and ordering another plate of extra hot tenders.

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