Roark Capital, owner of Shelton-based Subway, acquires Dave’s Hot Chicken for $1 billion, expanding its fast-food portfolio.

Dave's Hot Chicken said Monday it has been acquired by the private equity firm Roark Capital in a deal valued at $1 billion. Dave's Hot Chicken got its start in 2017 as a popup in a Los Angeles parking lot.

Roark Capital, a major investment firm with deep roots in the food industry, has finalized a strategic acquisition: the purchase of Dave’s Hot Chicken, a fast-growing