Dave’s Hot Chicken & The Reconciliation Bill’s Next Stop 6/2/25

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 2 June 2025

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

In a roughly $1 billion deal, Roark Capital has added Dave’s Hot Chicken to its portfolio of Auntie Anne’s, Subway, and Dunkin’. CEO of the chicken chain Bill Phelps recounts the company’s journey from folding tables in a parking lot to hundreds of locations around the world. The reconciliation bill has moved from the House to the Senate; Senator Markwayne Mullin (R-Oklahoma) serves as the legislation’s liaison between both branches of Congress and the White House, and he’s confident that the Senate’s changes to the bill will remain cosmetic, rather than structural. Plus, a moment from Squawk Box made it to the Oval Office, and the state of trade and tariffs is still in flux. Mike Santelli - 15:12 Sen. Markwayne Mullin - 21:05 Bill Phelps - 34:14 In this episode: Markwayne Mullin, @SenMullin Becky Quick, @BeckyQuick Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music, please.
0:04.3	Hi, I'm CNBC producer Katie Kramer.
0:06.9	Today on Squawk Pod.
0:09.2	In the U.S. Senate, it's go time on the big, beautiful bill.
0:13.3	Oklahoma Republican Mark Wayne Mullen on this massive reconciliation package heading his
0:18.1	chamber's way.
0:19.1	We're not going to tear down the frame of the house bill.
0:21.6	We're going to maybe repaint the interior walls and redecorate a few rooms,
0:26.6	but overall the bill and the structure of the bill is going to stay intact.
0:31.6	And Dave's Hot Chicken has a winning recipe for private equity.
0:35.6	Dave's CEO Bill Phelps recounts the chain's
0:38.3	journey from folding tables to a billion dollar deal.
0:41.6	We timed it really well.
0:43.1	The product is insane, but then we have a team that built these other businesses,
0:48.4	wetzel, pretzels, and blaze pizza, and we have built a great team, and then the franchisees
0:53.7	are just phenomenal.
0:55.7	Plus, Monday morning tariff policy,
0:58.1	our Rick Santelli gets a starring turn in the Oval Office.
1:01.2	When we do the data, we do it straight.
1:03.6	The numbers are the numbers.
1:05.1	And when hot-button issues of campus speech hit graduation day.
1:09.1	This is where it gets very interesting.
	...

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