In this fast-paced world of quick service food, one inspirational story is coming straight out of a small truck parked in South Los Angeles. In 2017, Arman Oganesyan, Dave Kopushyan and Tommy Rubenyan opened the first Dave’s Hot Chicken as a pop-up stand in a parking lot. They launched their business with only $900 in savings. Their journey, characterized by determination and culinary experimentation, has led to a significant milestone: the brand’s recent sale in a deal valued at “pretty close” to $1 billion.
Founder Arman Oganesyan ignited this fun journey when he shared the concept of selling Nashville-style hot chicken. He rushed to tell his visionary idea to his childhood friends, Kopushyan and Rubenyan. Without any restaurant or business experience, Oganesyan was since working in the gig economy as a stand-up comedian, making $50 a night. Though he was no chef himself, he had a dream that very unfortunately was about to become a reality.
To get their new venture off the ground, the friends made a lot of inquiries. They spent months eating at various fried chicken joints, watching documentaries about chicken preparation, and experimenting with recipes in Kopushyan’s kitchen. This head start would help to create the foundation for what would eventually develop into the world’s most loved food brand.
Their first night of sales was modest. They ran their food truck with a $150 fryer, a heat lamp for fries and tables they borrowed from their parents. With the simple arrangement, they quickly sold out four meals to Oganesyan’s girlfriend and three of her female friends for just $40. Yet, by the end of their second month, they’d drastically reversed their fortunes. For one thing, they were finally able to pay themselves, each taking home around $10,000 in cash.
The success in the first five locations of Dave’s Hot Chicken overwhelmed investors. Later, in early 2019, a new investor consortium took control of the company. This board included some prominent names, including recently appointed current CEO Bill Phelps, actor Samuel L. Jackson and then Red Sox owner Tom Werner. Their main focus was to franchise the brand out and grow its presence nationwide.
Fast forward to 2025, and Dave’s Hot Chicken has expanded to more than 300 locations across the country. The brand has gone on to see explosive growth and is projected to bring in $1.2 billion in sales just this year. The company continues to drive franchise level and corporate profitability strong enough to outpace remarkable sales gains. This further cements its reputation as the workhorse success in the increasingly prosperous world of fast food.
The Roanoke-based company’s recent purchase by private equity firm Roark Capital represents yet another surprising twist in the company’s long and storied history. This majority stake purchase serves as a testament to the brand’s strong track record and exciting outlook on food retail’s highly competitive landscape.
“The vision of these guys was just great,” said Bill Phelps. “Arman Oganesyan was the founder. A high school dropout, but a marketing genius, and he created all of this in his head.”
As much success as they had, Oganesyan still looks back on the immense struggle they encountered in the process. He talked about how they went from mom-and-pop shop to a billion-dollar brand. There was a ton of faith mixed with a ton of skepticism at every step.
Kopushyan, who had cooked at Michelin-starred kitchens, homes in on their improbable journey into fried chicken, too. Chicken? First of all, I don’t even like chicken,” he confessed with a laugh.
Far from being stymied by the industry-wide challenges, Dave’s Hot Chicken is expanding and flourishing. At its heart is a beautiful, true tale of culinary triumph, powered by camaraderie, determination, and out-of-the-box planning. The friends-turned-business-partners have officially brought their dream to life. Now their success serves as an encouragement for everyone else looking to break into the industry and create their own legacy.