One of the hottest names in chicken restaurants has a new owner.

Roark Capital, the company that owns Subway sandwich chain, has acquired Dave’s Hot Chicken in a $1 billion deal. USA Today confirmed Dave’s Hot Chicken has sold the rights to more than 1,000 franchise locations with plans to open 155 more in 2025.

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“This is one of the great entrepreneurial journeys of our time, and now we begin the next chapter in the story,” said Bill Phelps, Dave’s Hot Chicken’s CEO said in a press release. “Our entire organization is excited about the fit between Dave’s Hot Chicken and Roark, and we’re looking forward to continuing to blow our guests’ minds and unlocking growth and value for our franchise partners.”

Dave’s Hot Chicken currently opened more than 400 restaurants across the world since it was founded eight years ago. The menu includes chicken tenders, sliders, hot bites, fries and more.

The chain has two locations in Alabama, Madison and Vestavia Hills.

Roark acquired Subway in 2023 for $9.6 billion and has investments in other brands such as Arby’s, Baskin Robbins, Buffalo Wild Wings, Dunkin and Sonic, Pennlive reported.

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The purchase is the latest chapter for Subway, a once-booming sandwich chain that has seen struggles in recent years. At its peak, Subway had more than 27,000 locations but lost a net 631 in 2024, putting it at its lowest number of U.S. stores in the last 20 years.