One of the biggest names to come out of the Nashville-style hot chicken trend of the past decade actually started in a California parking lot. Now, the 8-year-old fast food chain is parlaying its early business acumen into a brand deal that could be worth a staggering $1 billion.

Private equity firm Roark Capital has signed a deal to acquire Dave's Hot Chicken for roughly $1 billion, according to sources familiar with the matter, in a deal that will reinforce its foothold in the restaurant industry.

Nearly four months after longtime Minnesota Twins President and CEO Dave St. Peter announced his plan to transition to an advisory role, the move is happening.