The restaurant world is buzzing as private equity firms continue snapping up fast-growing chains at jaw-dropping billion-dollar valuations. But the real story isn’t the purchase—it’s what happens immediately afterward.
Dave’s Hot Chicken just gave the clearest signal yet. The chain promoted its COO to CEO in a move that spells out exactly where the industry is headed under private equity ownership.
Private Equity Takes the Reins
On January 5, Jim Bitticks was named CEO of Dave’s Hot Chicken, seven months after Roark Capital dropped $1 billion to acquire the Nashville-style chicken sensation. The chain’s founder, Bill Phelps, who transformed Dave’s from a simple parking lot pop-up into a 400-location powerhouse, stepped into the role of executive chairman.
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