Four high school dropouts, including a former standup comedian and line cook, rapper Drake, and the son of an oil billionaire, have become wealthy from the sale of Dave’s Hot Chicken to Roark Capital. The private equity firm acquired 70% of the business at a $1 billion valuation. The founders, who once struggled to pool together $900 to launch their first popup, each owned roughly 10% of the business prior to the sale and are selling around 80% of their stakes, amounting to approximately $80 million (pre-tax). Dave’s Hot Chicken was founded in 2017 by Arman Oganesyan, Dave Kopushyan, and brothers Tommy and Gary Rubenyan. Their cayenne-coated, Nashville-style chicken gained a cult following and, with continued social media hype, turned into a $620 million business with over 300 global locations.
— new from Forbes
