Minor Food buys Korean chicken chain Bonchon
The deal is expected to close this August.
Minor Food (MF), a wholly owned subsidiary of Minor International, has partnered with Serruya Private Equity to acquire Bonchon International from its existing shareholders, VIG Partners and the founding Seo family.
The deal is expected to be completed by the end-August, with Minor Food investing US$50m. Under the terms, Serruya Private Equity will only own the American business whilst Minor Food will own the rest outside of the US.
First opened in Busan, South Korea in 2002, Bonchon is a global franchise brand with over 500 restaurants. It is known for its signature “double-fried” Korean fried chicken and proprietary sauces, and operates a scalable, franchise-led model that produces durable, recurring income through royalty fees and proprietary sauce sales.
Minor Food is the current master franchisee for Bonchon in Thailand. It also owns several F&B brands, including Sizzler, Burger King, and Minor DKL Food Group, the operator of The Coffee Club in Australia.
