Thailand’s Minor Food is set to acquire Bonchon International in a deal that will give it ownership and operational control of the Korean fried chicken brand across markets outside the Americas.
The agreement, announced on August 11, 2026, has been signed by Minor Food and strategic partner Serruya Private Equity (SPE) with Bonchon’s existing shareholders, VIG Partners and Mr Seo & Family. The transaction is expected to be completed in August 2026.
Minor Food, a wholly owned subsidiary of Minor International, will make a net investment of approximately US$50 million (THB1.657 billion). Once the deal closes, Minor Food will own Bonchon across all markets outside the Americas, while SPE will own and operate the business throughout the Americas.
The transaction marks a major change in Minor Food’s relationship with Bonchon. The company has been the brand’s master franchisee in Thailand since 2019 and is currently its largest master franchisee by total system-wide revenue. It will now move into the role of brand owner across an international network.
Bonchon began as a single restaurant in Busan, South Korea, in 2002 and entered the United States in 2006. It has since grown into a global Korean food franchise with approximately 500 restaurants across nine core markets: the United States, Thailand, the Philippines, Vietnam, Myanmar, Taiwan, Laos, Cambodia and Malaysia. Most of the brand’s revenue is generated outside South Korea.
The business is predominantly franchise-led, generating revenue through franchise royalties as well as sales of its branded sauces. Bonchon is known for its Korean fried chicken, which is double-fried and served with its proprietary sauces.
For Minor Food, the franchise model is a key attraction. The company said the acquisition is expected to be immediately accretive to earnings, supported by recurring royalty income and Bonchon’s predominantly franchise-based structure. It also fits Minor Food’s broader asset-light strategy, allowing it to add a scalable international franchise platform without requiring the level of capital investment associated with building a restaurant network from scratch.
The acquisition builds on Minor Food’s existing experience with the brand in Thailand. Minor Food entered the Bonchon business in 2019 and has since developed the chain in the Thai market, giving the company direct experience in operating the concept and supporting its franchise network.
The wider relationship between Minor Food and SPE is also well established. The two companies have worked together for more than 30 years, with SPE owning the Swensen’s brand, which Minor operates in Thailand and several other markets. The partners intend to use their combined experience in restaurant operations, international expansion and franchise management to support Bonchon’s next phase of growth.
The deal also comes after significant growth in Bonchon’s international footprint. The chain has expanded from its original Korean base to approximately 500 restaurants globally, giving Minor Food an established franchise network to build on rather than a new concept requiring market development.
Bonchon also owns and operates its own sauce production facility, with additional space available to increase production capacity as the restaurant network grows. The combination of brand ownership, franchise operations and proprietary sauce production gives the business revenue opportunities beyond restaurant-level sales and franchise royalties.
Minor Food said Bonchon has further room to grow in both its existing markets and new territories. The company’s existing international restaurant infrastructure and franchise-management capabilities are expected to support that expansion.
Dellen Soh, Group Chief Executive Officer of Minor Food, said the company already has a strong understanding of Bonchon through its experience operating the brand in Thailand. “Bonchon has received a strong response from consumers worldwide, and we understand the brand very well through our experience of operating it in Thailand,” Soh said.
He added that Minor Food was proud to take ownership of Bonchon outside the Americas while working with SPE on the brand’s American business. “We will continue supporting Bonchon’s franchisees and partners, preserving the identity and strengths that make the brand distinctive, while investing to accelerate growth in both existing and new markets,” Soh said.
Michael Serruya, chairman of Serruya Private Equity, said Bonchon’s distinctive menu, loyal customer base and scalable franchise model provide a strong platform for further growth. Serruya also pointed to the partners’ more than three decades of business experience together, saying their approach combines operational excellence, disciplined franchise management and long-term investment. SPE will focus on expanding Bonchon throughout the Americas, while Minor Food will take responsibility for the brand across markets outside the region.
The transaction represents a significant strategic shift for Minor Food. Instead of simply earning franchise income from operating Bonchon in Thailand, the company will gain ownership of the brand and its franchise business across a much larger international territory.
For Bonchon, the deal brings the brand under the control of a restaurant group that already has hands-on experience with its operations and franchise model. Minor Food can potentially leverage its existing infrastructure, market relationships and international restaurant expertise to accelerate expansion.
Minor International already operates a large multi-brand restaurant portfolio, with brands including The Pizza Company, The Coffee Club, Benihana, Bonchon, Swensen’s, Sizzler, Dairy Queen, Burger King and GAGA. Its restaurant business has continued to emphasize franchising and asset-light expansion, with Bonchon among the brands contributing to recent franchise growth.
The new ownership structure will give each partner a defined geographic focus: Minor Food will own Bonchon outside the Americas, while SPE will own and operate the brand in the Americas.
The transaction is expected to close in August 2026, subject to completion of the agreed transaction process.
