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Dave’s Hot Chicken, the fried-chicken chain backed by Canadian hip-hop star Drake, is exploring a sale of its European franchise, according to people familiar with the matter.
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Azzurri Group, the private equity-owned British hospitality group behind Zizzi and Coco di Mama restaurants, is preparing a sale of the U.K. and European franchises of Dave’s Hot Chicken for later this year, said the people, asking not to be identified because discussions are private.
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Drake — whose hit songs include “One Dance” and “God’s Plan” — took a minority stake in Dave’s Hot Chicken in 2021, joining the trend of celebrities investing in popular food chains, like LeBron James with Blaze Pizza.
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Star-led endorsements on social media often drive foot traffic. Drake, one of the world’s best-selling musicians, has posted a picture of himself with the food on Instagram. R&B singer Usher and actor Samuel L. Jackson have also invested in the chain.
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Dave’s Hot Chicken was founded by three friends in a East Hollywood parking lot in 2017 and has since expanded globally. It sells Nashville-style sliders, crinkle-cut fries and spicy tenders, with spice levels range from mild to the notoriously hot “reaper.” Roark Capital, the investment firm behind Dunkin’ and Arby’s, agreed to acquire a controlling stake in Dave’s Hot Chicken last year.
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Azzurri won the master franchise rights for the brand in the U.K. and Ireland in 2024, with plans to open up to 60 sites. The next year, it secured exclusive rights for Dave’s Hot Chicken across ten European territories, according to its annual report. Azzurri is owned by private equity firm TowerBrook, which agreed to acquire the restaurant investment firm in 2020 as part of a pre-pack administration process after its business was disrupted by the COVID-19 pandemic.
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A representative for TowerBrook declined to comment on the potential deal.
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The chain is benefiting from celebrating endorsements and its focus on chicken, a protein that has gained popularity in recent years. Following a hit chicken sandwich from Popeyes, rival fast-food chains have sought to capitalize on the poultry craze.
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The sale of Dave’s Hot Chicken in Europe follows other hot auctions in the space. Sixth Street in December won the bidding for a majority stake in the U.K. franchise of fast-growing fried chicken chain Wingstop.
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Sixth Street beat out suitors including KKR & Co., TSG Consumer Partners and London-listed Domino’s Pizza Group Plc, people with knowledge of the matter said at the time. It paid more than £400 million (US$535 million), according to the people, meaning the Wingstop franchise fetched one of the highest-ever multiples for a quick-service restaurant chain.
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