Meet the financial duo behind the $ 1 billion agreement in Dave’s Hot Chicken while Gen Z flock to the brand

Known for its hot Nashville style chicken, Dave’s attracted the Atlanta-based capital-investment company, Roark Capital, which specializes in franchised companies and acquired Subway in 2023. Roark has two large restaurants for restaurants: Inspire Brands (Dunkin ‘, Carvel, Cinelbon). Dave’s hot chicken was acquired by Roark last summer for $ 1 billion and plans to reach 400 stores this year.

Founded by children of childhood Dave Kopushyan, Arman Oganesyan and Tommy Rubenyan, the company is led by Bill Phelps, co-founder of Wetzel’s Pretzels, as CEO since 2019. James McGehee joined as a financial director in 2019 after connecting the team by Wetzel’s. “I have been in the catering and accounting industry and finance since 1993, but I first fell in love with food,” McGehee told me.

Scott Putman, please, which started with Dave’s in 2021, was previously corporate controller
For the Bretzels of Wetzel. Many team members at Dave have already worked with Phelps. “People are not here by accident,” said McGehee, highlighting team work ethics, expertise and cultural adjustment.

Under Phelps, the company has strengthened its franchise community by selecting experienced and culturally aligned operators, said McGehee. By combining an out-of-competition brand, solid franchisees and expert management, Dave has accelerated its growth, he said.

According to Technomic data, a market research company, US Dave sales increased by 57% in 2024 and exceeded $ 600 million. Its menu includes chicken offers, sliders and bites, as well as cauliflower alternatives. The spice levels range from soft to intense “reaper”.

The success of the company is driven by the annual growth of sustained compounds (around 40% of TCAC over five years) and a scalable franchise model, said McGehee.

Gen Z leads the trends of fast food with their love of crisp chicken and daring flavor. And Dave’s has a robust social media follow -up, including 2 million Instagram followers and more than 4 million followers from Tiktok, contributing to its rapid expansion. Famous partners such as Drake and Samuel L. Jackson also support the brand. Putman works in close collaboration with the marketing team, meeting each week.

Navigate in the mergers and acquisition process

McGehee and Putnam had to face a complex fusion and acquisition process. Thirteen groups submitted offers, five groups which were due simultaneously, said McGehee.

“With five groups that are diligent, you are here all day, all night,” said Putman.

The two would end up structuring a hybrid asset and a sale of shares that allowed shareholders of $ 32 million in taxes, said Putman. By adapting the approach to take advantage of both California and investors outside the state, the team has ensured that the financial windfall is widely shared, he said.

The billion dollars agreement with Roark was not only a salary for leaders and founders. “Many of our employees have been able to have an event that changed their lives,” said Putman. The Dave team worked for years to build the brand, and many have shared the success of the sale, seeing tangible awards for their loyalty and their hard work, he said. “It’s so good to know that my colleagues colleagues have a better life for their families and themselves,” he added. “We fought for it.”

McGehee and Putman are also Dave franchisees, connecting to their peers each year. In January, the management team organized a meeting in person with the entire franchise system.

“What we like the most are the sessions in small groups where we can have more time concentrated with our franchise owners and operators,” said McGehee.

Sheryl Estrada
sheryl.estrada@fortune.com

Classification

Prithvi (prith) Gandhi was appointed Vice-President Director and Financial Director of Trex Company, Inc. (NYSE: Trex), a composite manufacturer of terraces and balustrades, from October 6. Gandhi brings more than 25 years of experience in financial leadership. More recently, he was EVP and CFO of Beacon Roofing Supply. Earlier in his career, Gandhi has undergone an eight -year term in Owens Corning, where he held several senior financing positions, notably as an interim financial director from 2019 to 2019.

Danny Leung was promoted to the financial director of MONEYHERO LIMITED (NASDAQ: MNY), an aggregation and comparison platform of personal finances. Leung was the company’s interim financial director since December 15, 2024. A senior finance and accounting executive with more than two decades of diversified experience in the growth stadium, multinational organizations and listed companies, Leung joined Moneyro in 2024 as director of finance for the company.

Severe

After a slow period for initial public offers Fintech, the market for IPOs rebounded in 2025, with six fintech companies which have become public this year, according to data from S&P Global Market Intelligence.

Since September 22, these six companies have raised approximately $ 3.2 billion, marking the highest annual total in at least one decade and exceeding $ 2.94 billion collected by five IPO Fintech in 2020, according to research. The 2025 offers include Figure Technology Solutions Inc., Gemini Space Station Inc., Platinum Analytics Cayman Ltd., Bulsh, Chime Financial Inc. and Aether Holdings Inc.

Go further

“America saw” essentially no job growth “last month, warns Moody’s, and all the roles added were in three rich states”, is a new report Fortune‘S Eleanor Pringle.

According to the report: “The markets climb with confidence despite the fact that last week ended without the usual data.

But Moody’s warns that private relationships depict a less pink image, describing role additions to the job market as “derisory”. Everyone, from Wall Street to the Federal Reserve, knows that the American labor market is weakening – adding that 22,000 jobs, according to the latest BLS version for August – but are not sure. “”

Heard

“We are undoubtedly at a tilting point where leaders can train AI systems, but only with human values ​​and intelligence as a foundation on which AI is built, it will really succeed.”

—Deya Matras, Meta VP for Emea, written in a Fortune Opinion article.