Minor Food, a subsidiary of Thailand's Minor International, and Serruya Private Equity agreed on 11 August to acquire Bonchon International, the global Korean fried-chicken franchise, from VIG Partners and the founder's family.
Why Minor Food (Minor International) with Serruya Private Equity is buying Bonchon International
Minor said the royalty-driven, highly franchised business would be immediately earnings-accretive and advance its asset-light strategy. Minor Food is Bonchon's master franchisee in Thailand and its largest master franchisee by system revenue.
Deal terms and financing
Minor's net investment is US$50m. On completion Minor Food will own the Bonchon brand and operations globally outside the Americas and Serruya Private Equity will own them throughout the Americas. Korea Economic Daily reported the total price at about US$141m.
Regulatory approvals and timing
The parties expected the transaction to close within August 2026.
Market context
The chain, known for its double-fried chicken and proprietary sauces, has about 500 restaurants in markets including the US, Thailand, the Philippines and Vietnam, and runs its own sauce plant.
