Key Takeaways
- • Minor Food (subsidiary of Minor International) and Serruya Private Equity are acquiring Bonchon International from VIG Partners and Mr. Seo & Family, with closing expected in August 2026 and Minor Food's net investment of US$50 million.
- • The deal splits ownership geographically: Minor Food gains full brand and operational control outside the Americas, while Serruya Private Equity owns and operates Bonchon across North and South America.
- • Bonchon operates approximately 500 locations globally across nine key markets including the US, Thailand, Philippines, Vietnam, Myanmar, Taiwan, Laos, Cambodia, and Malaysia, generating recurring revenue through a franchise model with royalty fees and proprietary sauce sales.
- • Minor Food transitions from master franchisee in Thailand (currently the brand's largest by system revenue) to global ownership outside Americas, significantly expanding its exposure to the Korean fried chicken segment.
- • The acquisition builds on a 30+ year partnership between Minor Food and Serruya Private Equity, who jointly operate the Swensen's brand across Thailand and the region, positioning both parties to leverage combined franchise and operational expertise for Bonchon's expansion.
Summary
Minor Food, a wholly owned subsidiary of Thailand-based Minor International, and Canada-based Serruya Private Equity have agreed to acquire Bonchon International, the global Korean fried chicken franchise, from existing shareholders VIG Partners and Mr. Seo & Family. The transaction is expected to close within August 2026, with Minor Food contributing a net investment of US$50 million. The deal establishes a geographic split: Minor Food will own and operate Bonchon's brand and business globally outside the Americas, while Serruya Private Equity will control operations across North and South America.
Bonchon, founded in Busan, South Korea in 2002, has evolved from a single restaurant into a global franchise platform with approximately 500 locations across nine key markets spanning Asia-Pacific and North America, including the US, Thailand, Philippines, Vietnam, Myanmar, Taiwan, Laos, Cambodia, and Malaysia. The brand is recognized for its double-fried Korean fried chicken and proprietary sauces. Bonchon operates primarily through a franchise model, generating recurring revenue streams from royalty fees and sauce sales rather than company-owned units.
The acquisition represents a strategic expansion for Minor Food, which currently serves as Bonchon's master franchisee in Thailand and operates the brand as its largest master franchisee by system revenue. The transaction elevates Minor Food from single-market operator to global brand owner across the non-Americas regions. The transaction is supported by a long-standing partnership between Minor Food and Serruya Private Equity dating back more than 30 years, during which the two companies jointly operate the Swensen's ice cream and dessert brand across Thailand and the broader region. Both parties intend to leverage their combined franchise development expertise and operational infrastructure to accelerate Bonchon's growth trajectory in the coming years.
Bonchon, founded in Busan, South Korea in 2002, has evolved from a single restaurant into a global franchise platform with approximately 500 locations across nine key markets spanning Asia-Pacific and North America, including the US, Thailand, Philippines, Vietnam, Myanmar, Taiwan, Laos, Cambodia, and Malaysia. The brand is recognized for its double-fried Korean fried chicken and proprietary sauces. Bonchon operates primarily through a franchise model, generating recurring revenue streams from royalty fees and sauce sales rather than company-owned units.
The acquisition represents a strategic expansion for Minor Food, which currently serves as Bonchon's master franchisee in Thailand and operates the brand as its largest master franchisee by system revenue. The transaction elevates Minor Food from single-market operator to global brand owner across the non-Americas regions. The transaction is supported by a long-standing partnership between Minor Food and Serruya Private Equity dating back more than 30 years, during which the two companies jointly operate the Swensen's ice cream and dessert brand across Thailand and the broader region. Both parties intend to leverage their combined franchise development expertise and operational infrastructure to accelerate Bonchon's growth trajectory in the coming years.
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