Operations

Bonchon acquired by Minor Food, Serruya Private Equity

Photo: Bonchon

August 13, 2026

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Bonchon, known for its Korean fried chicken, has been acquired by Minor Food and Serruya Private Equity from existing shareholders VIG Partners and Mr. Seo & Family.

Financial terms of the transaction were not disclosed. The deal is expected to close by the end of August.

Under the agreement, Bangkok-based Minor Food and Toronto-based Serruya Private Equity will divide global ownership of the brand across complementary territories. Minor Food will own and operate the business globally outside the Americas, while Serruya Private Equity will take ownership of the brand throughout North, Central and South America.

The acquisition marks a transition for Minor Food, a wholly owned subsidiary of Minor International, from serving as Bonchon's master franchisee in Thailand to becoming a global owner. Minor Food operates more than 2,800 restaurant outlets across 24 countries under brands including The Pizza Company, Swensen's and Sizzler.

Serruya Private Equity, an investment platform focused on consumer and franchise businesses, plans to invest in Bonchon's existing U.S. infrastructure while targeting disciplined expansion across Canada, Mexico, Chile, and current U.S. markets.

"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 company press release. "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."

Michael Serruya, chairman of Serruya Private Equity, said the firm has maintained a business relationship with Minor for more than 30 years.

"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," Serruya said.

Founded in Busan, South Korea, in 2002, Bonchon reached major network milestones in 2026, surpassing 150 locations in the U.S. and 500 locations worldwide across nine countries.

William Blair served as the lead financial adviser to Bonchon International on the deal, with BDA Partners acting as co-advisor.