Minor Food to acquire Bonchon outside Americas for THB1.66bn

Minor Food Limited, a wholly owned subsidiary of Minor International Public Company Limited, will invest a net US$50 million, or approximately 1.657 billion baht, to acquire Bonchon International alongside strategic partner Serruya Private Equity (SPE).

The two companies have signed an agreement to acquire the global Korean food franchise from its existing shareholders, VIG Partners and Mr Seo & Family. The transaction is expected to be completed in August 2026.

Once the acquisition is finalised, Minor Food and SPE will divide ownership and operation of the Bonchon brand by region. Minor Food will own the brand and business in all markets outside the Americas, while SPE will own and operate Bonchon throughout the Americas.

The deal builds on Minor Food’s longstanding relationship with Bonchon. Minor Food is currently the brand’s master franchisee in Thailand and its largest master franchisee by total system-wide revenue.

The acquisition is expected to be immediately accretive to Minor Food’s earnings, supported by Bonchon’s predominantly franchise-based business model and recurring royalty income.

It also represents another step in Minor Food’s Asset-Light strategy, adding a scalable franchise platform and high-growth brand to its portfolio while requiring a relatively limited capital investment.

Bonchon grows from Busan restaurant to global franchise

Bonchon began as a single restaurant in Busan, South Korea, in 2002 before entering the United States in 2006.

It has since developed into a global franchise platform with approximately 500 restaurants, with most of its revenue generated outside South Korea.

The brand is widely recognised for its signature Korean fried chicken, which undergoes a double-frying process and is served with Bonchon’s proprietary sauces.

Its franchise-led business model allows it to expand across multiple markets while generating steady revenue from royalty fees and sales of its branded sauces.

Bonchon currently operates in nine core markets: the United States, Thailand, the Philippines, Vietnam, Myanmar, Taiwan, Laos, Cambodia and Malaysia. The existing network provides a strong platform for further expansion into both current and new markets.

Minor Food said the transaction would strengthen its portfolio by adding a brand with substantial expansion potential, a low-capital business model and strong prospects for long-term returns.

Minor Food to move from franchisee to regional owner

Minor Food is one of Asia’s largest restaurant groups and currently manages Bonchon in Thailand under a master franchise agreement.

Following completion of the transaction, its role will expand from operating Bonchon in one of the brand’s key markets to owning the brand and business across every region outside the Americas.

The acquisition will add a scalable, royalty-generating franchise business to Minor Food’s food and beverage portfolio.

Minor Food and SPE intend to use their experience in international markets, franchise management and extensive business networks across Asia and other regions to support Bonchon’s next stage of growth.

The two partners have maintained a business relationship for more than 30 years. SPE owns the Swensen’s brand, which Minor operates in Thailand and several other markets across the region.

The companies described their longstanding relationship as an important foundation for the sustainable development and expansion of international franchise brands.

Expansion plans target existing and new markets

Bonchon plans to continue opening restaurants in both its existing markets and new territories, supporting long-term growth in system-wide sales and revenue.

In addition to owning the brand and managing its franchise network, Bonchon owns and operates its own sauce production facility.

The factory has sufficient space to expand production capacity as the restaurant network grows.

Combining ownership of the brand, franchise operations and the proprietary sauce supply chain within one platform is expected to create a stronger revenue and profit base while offering further opportunities to generate long-term value.

Dellen Soh, group chief executive officer of Minor Food, described Bonchon as one of the leading global brands to have emerged from South Korea.

“Bonchon has received a strong response from consumers worldwide, and we understand the brand very well through our experience of operating it in Thailand,” he said.

“We are proud to be taking ownership of the Bonchon brand and business worldwide outside the Americas, while working alongside SPE, which will own and operate the business in the Americas.”

Soh said the company’s main priority would be to support the brand and the people who had contributed to its growth.

“We will continue supporting Bonchon’s franchisees and partners, preserving the identity and strengths that make the brand distinctive, while investing to accelerate growth in both existing and new markets,” he said.

Partners pledge long-term support for franchise network

SPE chairman Michael Serruya said Bonchon was a global restaurant brand with strong growth potential, supported by its distinctive menu, loyal customer base and scalable franchise model.

“We have maintained a successful business relationship with Minor for more than 30 years, based on a shared approach to building and expanding outstanding brands through operational excellence, disciplined franchise management and long-term investment,” he said.

Serruya added that SPE looked forward to supporting Bonchon’s management team and franchisees while continuing to expand the brand throughout the Americas.

The acquisition will give the two partners responsibility for different regional markets while allowing them to work together on the continued development of Bonchon as an international franchise platform.

Source: Thansettakij