People & Culture Executive

Bonchon acquisition by Minor Food, Serruya Private Equity closes. Photo: Bonchon September 2, 2026 Bonchon'sownership has officially changed hands, with Minor Food and Serruya Private Equity completing their acquisition of the Korean fried chicken chain from VIG Partners and Seo & Family. Fast Casual first reported the pending acquisition in August, when the companies announced plans to divide ownership of the brand by geography. The transaction has now closed, with Minor Food owning Bonchon globally outside the Americas and Serruya Private Equity owning the business throughout North, Central and South America. Financial terms were not disclosed. For Bonchon, the deal comes as the brand reaches a series of significant growth milestones. The company has more than 150 U.S. restaurants and 500 locations worldwide across nine countries. Suzie Tsai, CEO of Bonchon, said the new ownership structure will allow the company to strengthen its franchise network and accelerate growth. "Bonchon's success is driven by passionate franchise partners who believe in the brand and its potential," Tsai said in a company press release. "Minor Food and SPE will enhance our franchise network and help us accelerate our growth, bringing Bonchon's iconic flavors and experience to even more guests." Serruya targets Americas growth. Toronto-based Serruya Private Equity plans to invest in Bonchon's existing U.S. platform while pursuing expansion across the Americas. Priority markets include Canada, Mexico and Chile, along with continued growth in existing U.S. markets. The Serruya family has more than three decades of experience investing in and operating consumer and franchise businesses. Its portfolio has included brands such as Yogen Früz, Pinkberry, Cold Stone Creamery, Marble Slab Creamery, Pretzelmaker and Sprinkles Cupcakes. Michael Serruya, chairman of Serruya Private Equity, said Bonchon's franchise model and global growth potential were key attractions. "Bonchon is one of the most compelling global restaurant brands, with a differentiated product, a loyal customer base, significant untapped growth potential and a highly scalable franchise model," Serruya said in the release. The deal also expands a relationship between Serruya and Minor that dates back more than 30 years. Minor Food expands Bonchon ownership. For Bangkok-based Minor Food, the acquisition represents a significant step up from its previous role with Bonchon. Minor Food had been Bonchon's master franchisee in Thailand. It now owns the brand and its operations globally outside the Americas. Minor Food is a wholly owned subsidiary of Minor International and operates 2,843 outlets across 24 countries under brands including The Pizza Company, Swensen's, Dairy Queen, Burger King, Sizzler, Benihana and The Coffee Club. The company said Bonchon adds a high-growth, asset-light and royalty-driven brand to its food-and-beverage portfolio. Korean food goes global. Bonchon's growth comes as Korean food and culture continue to gain traction globally. Founded in Busan, South Korea, in 2002, Bonchon has built its brand around hand-battered, double-fried Korean fried chicken and an emphasis on authentic Korean flavors. The company said its growth has been driven by franchise partners, word-of-mouth and increasing consumer interest in Korean food, entertainment, beauty and lifestyle. The ownership transition gives Bonchon two operators with different geographic strengths - Minor Food across international markets and Serruya in the Americas - as the brand moves into its next phase of expansion. William Blair served as lead financial adviser to Bonchon International, with BDA Partners serving as co-adviser.

Minor acquiring Bonchon Korean chicken chain. B1.6-billion deal expected to increase royalty and franchise fee income PUBLISHED: 11 Aug 2026 at 17:22 Ask Bangkok Post anything How will the Bonchon acquisition boost Minor International's earnings? How is Minor International funding the Bonchon acquisition? Why is Minor International acquiring Bonchon's intellectual property rights? SET-listed Minor International Plc (MINT) has announced plans to acquire 100% of Bonchon International Inc and its Korean fried chicken restaurant business. The acquisition will be carried out by MFG International Holding (Singapore) Pte Ltd, a subsidiary of Minor International, the company said in a filing to the Stock Exchange of Thailand on Tuesday. The Thai hotel and food services group will acquire the 55% stake held in Bonchon by VIG Partners, a Korean private equity group, and 45% held by Seo Jin-deok, who founded the restaurant chain in 2002. The transaction is valued at US$50 million (1.65 billion baht) with the final price subject to adjustment based on the value of underlying assets at the closing date, expected to be later this month. Minor International said the acquisition would secure ownership of Bonchon's intellectual property rights globally, excluding the Americas. "This move is expected to enhance MINT's earnings through increased royalty and franchise fee income," it added. The deal will be funded through borrowing from financial institutions, the company said. The first Bonchon Chicken branch in Thailand opened in 2011. The business grew rapidly, in line with Thai consumers' growing appetite for Korean food, and today there are 110 Bonchon outlets under Minor Food Group in Thailand and Australia.

Thailand's Minor Group is acquiring 100% of Korean chicken franchise Bonchon International from private equity firm VIG Partners in a deal estimated at 300 billion won. The parties recently signed a stock purchase agreement and aim to conclude the transaction by the end of August. Minor Group operates global foodservice brands including Burger King and Dairy Queen through its Minor Foods subsidiary, running over 2,700 stores across 68 countries. The company has operated over 100 Bonchon franchise stores in Thailand since 2019. Bonchon, launched in South Korea in 2002, expanded to the US in 2006 and now operates around 500 stores globally, including over 150 in America. VIG Partners acquired a 55% stake in 2018 for approximately 60 billion won.