Bonchon Sold to Minor Food and Serruya Private Equity
Global chicken franchise Bonchon announced Thursday it's been sold to Minor Food and Serruya Private Equity from existing shareholders VIP Partners and Mr. Seo & Family. Terms of the deal were not disclosed.
Following the acquisition, MF and SPE will own the Bonchon brand and operations across complementary territories; MW will direct the chain, which has full-service and fast-casual units, globally outside the Americas, with SPE overseeing the rest of the business.
MF, a wholly owned subsidiary of Minor International, is one of Asias largest restaurant groups and currently serves as the master franchisee of Bonchon in Thailand. It's had holdings in Dairy Queen, Burger King, Sizzler, Swensen's, Benihana, and more.
Toronto-based SPE is the Serruya family's private investment platform and has grown consumer and franchise businesses across North America and internationally for more than three decades. Along with Lion Capital, it once owned Global Franchise Group (before selling it to FAT Brands in 2021) and has invested in a host of concepts, from everbowl to Jamba to Sprinkles.
MORE: Inside Suzie Tsai's Vision for Scaling Korean Flavor at Bonchon
"Bonchon's success is driven by passionate franchise partners who believe in the brand and its potential," Suzie Tsai, CEO of Bonchon, said in a statement. "Korean influence is everywhere, and Bonchon is proud to be part of that story in communities around the world. Minor Food and SPE will enhance our franchise network and help us accelerate our growth, bringing Bonchon's iconic flavors and experience to even more guests around the world."
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The company said SPE plans to invest in Bonchon's existing U.S. platform while pursuing "disciplined expansion" across the Americas, with priority targets including Canada, Mexico, Chile, and existing U.S. trade areas.
Bonchon currently has about 500 restaurants across nine countries. The U.S. touts roughly 150 units. The brand was founded in Busan, South Korea, in 2002.
"Bonchon is one of the most compelling global restaurant brands, with a differentiated product, a loyal customer base, significant untapped growth potential and a highly scalable franchise model," added Michael Serruya, chairman of Serruya Private Equity. "We have enjoyed a successful relationship with Minor for more than 30 years and share a common philosophy of building strong consumer brands through disciplined franchise growth and operational excellence. Together, we look forward to supporting Bonchon's management team and franchise partners while accelerating the brand's growth across the U.S. and throughout the Americas."
William Blair served as the lead financial adviser to Bonchon International, with BDA Partners as co-adviser. The deal is expected to close by the end of August.
VIG Partners, a Korean-based mid-market buyout firm, acquired a majority stake in Bonchon in December 2018. The 100th domestic restaurant opened December 2019.
Bonchon was brought to the U.S. in 2006 and founder Jinduk Seo launched the first American Bonchon in New York City.
In 2025, the company introduced its newest full-service prototype—an elevated design that blends modern Korean aesthetics with a streamlined kitchen optimized for dine-in, takeout, and delivery. The update features upgraded plating, a refreshed service model, and an atmosphere crafted to resonate with Gen Z and trend-conscious diners without losing its culinary soul. It's a category gaining in prevalence. Korean food exports surged 9 percent annually between 2020 and 2024, reaching more than $7 billion
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