Minor Food, one of Asia’s largest restaurant operators and a wholly owned subsidiary of Minor International Public Company Limited (SET: MINT), together with strategic partner Serruya Private Equity (SPE), has announced the signing of an agreement to acquire Bonchon International—one of the world’s leading Korean food franchise brands. The acquisition is from the current shareholders, comprising VIG Partners and Mr. Seo & Family.
The transaction is expected to be immediately accretive to Minor Food’s earnings, supported by Bonchon’s franchise-driven operational model and consistent royalty fee income. This investment marks a significant milestone in advancing Minor Food’s asset-light strategy, enhancing its portfolio with a scalable franchise platform and high-growth brand using limited capital investment.
The transaction carries a net value of approximately $50 million, or THB 1.65 billion, subject to adjustments based on the value of the underlying assets at closing. The acquisition will be funded through borrowings from financial institutions. MFG International Holding (Singapore) Pte. Ltd., which is wholly owned through Minor Food, will acquire the entire stake in Bonchon International—KRW 406,580,000 registered capital, comprising 40,658 ordinary shares with a par value of KRW 10,000 per share.
Bonchon—best known for its signature double-fried Korean-style chicken and proprietary sauces—has established itself as a globally recognized Korean food brand since its first restaurant opened in Busan, South Korea, in 2002. The brand expanded to the United States in 2006 and has since grown into a global franchise with approximately 500 outlets, with the majority of revenue generated from markets outside South Korea.
Currently, Minor Food holds the master franchise rights for Bonchon in Thailand and manages the brand within its portfolio. Upon completion of the transaction, the company will transition from being a key market operator to owning the Bonchon brand and business globally outside the Americas. This will add a low-investment, high-growth brand generating royalty income to Minor Food’s portfolio.
Minor Food and SPE bring extensive experience in franchise management and a broad business network across Asia and other global markets, positioning them to drive Bonchon’s next phase of growth. Notably, Minor and SPE have maintained a business partnership of over 30 years.
SPE owns the Swensen’s brand, which Minor operates in Thailand and various markets throughout the region. This long-term collaboration forms a strong foundation for the sustainable development and international expansion of franchise brands.
Bonchon currently operates in nine key markets: the United States, Thailand, the Philippines, Vietnam, Myanmar, Taiwan, Laos, Cambodia, and Malaysia. These markets provide a strong base for further business expansion. With ongoing plans to open new outlets both in existing and new markets, Bonchon is well-positioned for continued systemwide sales and revenue growth.
In addition to brand ownership and franchise management, Bonchon operates its own sauce manufacturing plant, which can accommodate future capacity expansions in line with network growth. Integrating brand ownership, franchise administration, and the proprietary sauce supply chain into a single platform establishes a solid revenue and profit base, creating opportunities for long-term value creation.
Dillip Rajakarier, Group CEO of Minor International, stated, “Bonchon is an outstanding global brand originating from South Korea and has been warmly received by consumers worldwide. We have a deep understanding of this brand, given our operating experience in Thailand. We are proud to take on the global ownership of the Bonchon brand outside the Americas, in collaboration with SPE, which will operate the brand in the Americas. Most importantly, we value the people who have contributed to Bonchon’s growth. We will continue to support franchisees and partners, preserve Bonchon’s distinct identity and strengths, and invest in growth across existing and new markets.”
Michael Serruya, Managing Director of SPE, commented that Bonchon is a high-potential global restaurant brand, with distinctive menu offerings, strong brand loyalty, and significant growth opportunities. The franchise model allows for efficient business expansion. He highlighted the successful, long-standing business relationship with Minor, built on a shared vision of building outstanding brands through operational excellence, disciplined franchise management, and long-term investment perspectives. He expressed his confidence in supporting Bonchon’s executive team, franchisees, and further expansion across the Americas.
