Mergers &
Acquisitions

1. Roark Capital Acquires Dave's Hot Chicken for $1 Billion

Private equity firm Roark Capital continues its restaurant industry dominance with the acquisition of fast-growing chicken chain Dave's Hot Chicken in a deal valued at approximately $1 billion.

From Parking Lot Popup to Global Brand

Dave's Hot Chicken, which began as a 2017 Los Angeles parking lot popup, has grown to:

• 400 current global locations
• 1,000+ franchise rights sold across U.S., Canada, and Middle East
• 155+ new locations planned for 2025

Strategic Rationale

This acquisition marks Roark's latest move in the food sector after its landmark $10 billion Subway purchase in 2023. The firm's portfolio includes:

Quick Service	Dunkin', Arby's, Jimmy John's
Casual Dining	Buffalo Wild Wings, Sonic Drive-In
Emerging Concepts	McAlister's Deli, Inspire Brands

The existing Dave's leadership team will remain intact to continue driving innovation and expansion.

Acquirer: Roark Capital (Atlanta, Georgia)
Target: Dave's Hot Chicken (Pasadena, California)
Deal Value: ~$1,000,000,000
Announcement Date: June 2, 2025
Acquirer Advisors: Paul, Weiss, Rifkind, Wharton & Garrison LLP (Legal)
Target Advisors: North Point Mergers & Acquisitions (Financial), Olshan Frome Wolosky LLP (Legal)

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2. EQT Prepares Takeover Bid for WRC Promoter

Swedish private equity firm EQT is preparing a £500 million (~$677 million) offer for WRC Promoter, the commercial rights holder of the World Rally Championship, as it expands into sports investments.

Motorsport Growth Opportunity

WRC Promoter has been exploring a sale since mid-2024, with key growth initiatives including:

• Potential U.S.-based rally event in 2026
• International expansion of rally events
• New commercial opportunities for investors

EQT's Sports Investment Strategy

This acquisition would represent EQT's second major sports investment after its:

• $25 million investment in Baller League (creator-led football tournament)
• First foray into motorsports
• Expansion into live event properties

JPMorgan Chase & Co. is advising WRC Promoter on the potential sale process.

Acquirer: EQT Group (Stockholm, Sweden)
Target: WRC Promoter (Munich, Germany)
Deal Value: ~£500,000,000 (~$677,000,000)
Announcement Date: June 3, 2025

Key Takeaways

• Roark continues food industry consolidation with premium chicken concept
• Dave's maintains leadership team for continuity during expansion
• EQT makes strategic move into motorsports rights
• WRC seeking capital for international growth initiatives