Roark Capital, a private equity firm that also owns Subway, has acquired a majority stake in Dave's Hot Chicken for about $1 billion.

Roark Capital, a private equity firm that also owns Subway, has acquired a majority stake in Dave's Hot Chicken for about $1 billion.

Dave's Hot Chicken first launched in a Los Angeles parking lot. On Monday, Roark Capital bought a majority stake in a deal worth "pretty close" to $1 billion.