Bonchon has been acquired by Minor Food (MF) and Serruya Private Equity (SPE) from existing shareholders VIG Partners and Mr. Seo & Family, marking a new phase of expansion for the Korean fried chicken franchise.
Under the new ownership structure, Minor Food will own Bonchon’s brand and operations globally outside the Americas, while Serruya Private Equity will take ownership across North, Central and South America.
The deal comes as Bonchon reaches 500 locations across nine countries, including 150 restaurants in the United States. Founded in Busan, South Korea, in 2002, Bonchon is known for its hand-battered, double-fried Korean fried chicken and has built its international network largely through franchising.
“Bonchon’s success is driven by passionate franchise partners who believe in the brand and its potential,” said Suzie Tsai, CEO of Bonchon. “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.”
For Minor Food, the acquisition expands an existing relationship with Bonchon. The company is already the brand’s master franchisee in Thailand and will now assume ownership across markets outside the Americas. Minor Food operates 2,843 outlets across 24 countries through a portfolio that includes The Pizza Company, Swensen’s, Dairy Queen, Burger King, Sizzler, Benihana, The Coffee Club and Bonchon.
The company sees Bonchon as an asset-light, royalty-driven brand that can complement its existing restaurant portfolio and international operating platform.
Serruya Private Equity, meanwhile, plans to invest in Bonchon’s existing U.S. platform while pursuing further expansion across the Americas. Canada, Mexico and Chile have been identified as priority growth markets alongside continued development in the U.S.
“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,” said Michael Serruya, Chairman of Serruya Private Equity. “We have enjoyed a successful relationship with Minor for more than 30 years and share a common philosophy of building strong consumer brands through disciplined franchise growth and operational excellence,” he added.
The transaction also strengthens a longstanding relationship between Minor and the Serruya family, which has more than three decades of experience in consumer and franchise businesses. Serruya Private Equity’s current and past portfolio includes Yogen Früz, Pinkberry, Swensen’s Ice Cream, Cold Stone Creamery, Marble Slab Creamery, Pretzelmaker, Sprinkles Cupcakes and Cha Cha, representing more than 1,300 locations across over 40 countries.
Bonchon said its growth has benefited from the rising global popularity of Korean food and culture. The brand has also recently received recognition from Entrepreneur’s Franchise 500, Fast Casual’s 2026 Top Movers & Shakers and Technomic’s Top 500 chain restaurants.
The acquisition gives Bonchon two dedicated growth platforms: Minor Food will drive international expansion outside the Americas, while Serruya Private Equity focuses on scaling the brand acrossthe Americas. With 500 restaurants already operating globally, the new ownership structure positions Bonchon for its next stage of franchise-led growth.
