Minor Food, Serruya Private Equity to acquire Bonchon

Minor Food, a wholly owned subsidiary of Minor International, is set to acquire Bonchon International alongside Serruya Private Equity (SPE), taking ownership of the Korean fried chicken brand and its operations outside the Americas.

Minor Food will invest US$50 million in the deal, which is expected to close in August 2026. Following completion, Minor Food will own Bonchon’s business globally outside the Americas, while SPE will own and operate the business across the Americas.

The acquisition will move Minor Food from being Bonchon’s master franchisee in Thailand to becoming the brand’s owner across markets outside the Americas. Minor Food is currently Bonchon’s largest master franchisee by system-wide revenue.

Bonchon was founded in Busan, South Korea, in 2002 and opened its first US restaurant in 2006. The brand has since grown into a franchise network of about 500 restaurants worldwide, known for its double-fried Korean fried chicken and proprietary sauces.

The brand currently operates in nine key markets: the US, Thailand, the Philippines, Vietnam, Myanmar, Taiwan, Laos, Cambodia and Malaysia.

Minor Food said the acquisition will strengthen its asset-light strategy by adding a scalable, franchise-based business that generates recurring income from royalties and sauce sales.

The deal also builds on a more than 30-year relationship between Minor and SPE. SPE owns the Swensen’s brand, which Minor operates in Thailand and other markets in the region.

Minor Food CEO Dellen Soh said the company already has a strong understanding of Bonchon through its experience operating the brand in Thailand and will focus on supporting franchisees and partners while expanding into existing and new markets.

SPE Chairman Michael Serruya said the partnership would support Bonchon’s continued expansion in the Americas, citing the brand’s customer base, differentiated products and franchise model.

Bonchon also operates its own sauce production facility, which has capacity for future expansion as its restaurant network grows.

The acquisition is expected to be immediately earnings-accretive for Minor Food, supported by Bonchon’s franchise-led and royalty-driven business model.