By THE NATION
According to a statement released today (November 18), the purchase of a 100-per-cent stake in Chicken Time, which amounted to Bt2 billion, will allow Minor Food to operate existing Bonchon stores in Thailand.
As part of the transaction, its wholly owned subsidiary, Minor Food Group (MFG) has set up Minor Food Holding for the acquisition.
While such an investment does not include the franchise rights to open new stores, Mint is in the process of discussing with the master franchise right holder on a potential partnership to allow further expansion of Bonchon outlets across the country.
Bonchon brand, which was established in 2002 in South Korea, has become a strong global brand as Korean cuisine and Korean-style fried chicken have gained increasing popularity worldwide.
The brand differentiates itself with a specialised Korean-style fried chicken glazed with its signature sauces. With its strong brand equity and customer loyalty for distinctive super crispy chicken and other Asian fusion dishes, Bonchon restaurants have rapidly expanded worldwide, spanning across nine countries including the US, Bahrain, Kuwait, the Philippines, Singapore, Cambodia, Vietnam, Myanmar and Thailand.
“The already-lucrative portfolio of Bonchon brand in Thailand will bring us immediate revenue and earnings to further sharpen our growth trajectory. We believe that Thailand continues to offer promising long-term outlook on the back of its growing middle class and increasing personal income.” said William E Heinecke, founder and chairman of Mint.
“The unique customer proposition of the Bonchon brand combined with our robust four-decade experience and well-established operating platform in Thailand will no doubt equip us to further maximize value of this new investment for our shareholders.”
Paul Kenny, chief executive of Minor Food, added, “We took our time to find the right brand to be added to our food portfolio and we couldn’t be happier that we found this one-of-a-kind food concept. Chicken is undoubtedly one of the top preferred protein for Thai people, and the growth potential of such market is enormous. While Bonchon will fit well within our casual dining restaurant portfolio, at the same time it also enhances our brand diversification. This strategic move will surely take Minor Food to another level, building on our long history as a restaurant operator.”