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Dave’s Hot Chicken announced on Monday that it has been acquired by Roark Capital, as was rumored earlier this year, at a $1 billion valuation. “This is one of the great entrepreneurial journeys of our time, and now we begin the next chapter in the story,” said CEO Bill Phelps in a statement. “Our entire organization is excited about the fit between Dave’s Hot Chicken and Roark, and we’re looking forward to continuing to blow our guests’ minds and unlocking growth and value for our franchise partners.”