Minor Food, Serruya Private Equity to acquire Bonchon

Minor Food, a subsidiary of Minor International, is set to acquire Bonchon International along with Serruya Private Equity (SPE), gaining control of the Korean fried chicken brand and its operations outside the Americas. Minor Food will contribute $50 million to the deal, which is anticipated to conclude in August 2026. After completion, Minor Food will own Bonchon's business globally outside the Americas, while SPE will manage the business within the Americas.

The acquisition will transition Minor Food from being Bonchon's master franchisee in Thailand to the brand's owner in all non-American markets. Currently, Minor Food is Bonchon's largest master franchisee by system-wide revenue.

Bonchon, founded in Busan, South Korea in 2002, opened its first US restaurant in 2006 and has since expanded into a franchise network of approximately 500 restaurants worldwide, renowned for its double-fried Korean fried chicken and exclusive sauces. The brand currently operates in nine major markets: the US, Thailand, the Philippines, Vietnam, Myanmar, Taiwan, Laos, Cambodia, and Malaysia.

Minor Food's acquisition aims to bolster its asset-light strategy by integrating a scalable franchise business that generates recurring income through royalties and sauce sales.

The deal also deepens a partnership of over 30 years between Minor and SPE. SPE owns the Swensen's brand, which Minor operates in Thailand and other regional markets. Minor Food CEO Dellen Soh stated that the company is well-acquainted with Bonchon due to its experience running the brand in Thailand and will concentrate on supporting franchisees and partners while expanding into current and new markets.

SPE Chairman Michael Serruya expressed that the collaboration will aid Bonchon's ongoing growth in the Americas, highlighting the brand's customer base, unique products, and franchise model.

Bonchon also manages its own sauce production facility, equipped for future expansion as its restaurant network grows. The acquisition is projected to be immediately earnings-accretive for Minor Food, driven by Bonchon's franchise-led and royalty-based business model.