Chicken strips have been a red-hot menu item lately.
Little surprise today then that Dave's Hot Chicken just landed a nearly $1 billion valuation from a private equity firm.
Driving the news: Roark Capital inked a deal to buy a majority stake in the fast-growing chain founded eight years ago in an East Hollywood parking lot. The valuation was confirmed by Dave's CEO Bill Phelps on CNBC.
Dave's generated more than $600 million in sales in the U.S. last year, a 57% jump from the year before, CNBC reported, citing data from Technomic.
🌶️ The intrigue: Dave's focuses on selling oversized chicken tenders, and it also brings the heat — which appeals to younger customers.
Its hottest flavor, called "Reaper," requires a waiver to eat and has sent at least one customer to the hospital, CNBC noted.
