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Bonchon acquisition by Minor Food, Serruya Private Equity closes

Photo: Bonchon

September 2, 2026

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Bonchon'sownership has officially changed hands, with Minor Food and Serruya Private Equity completing their acquisition of the Korean fried chicken chain from VIG Partners and Seo & Family.

Fast Casual first reported the pending acquisition in August, when the companies announced plans to divide ownership of the brand by geography. The transaction has now closed, with Minor Food owning Bonchon globally outside the Americas and Serruya Private Equity owning the business throughout North, Central and South America.

Financial terms were not disclosed.

For Bonchon, the deal comes as the brand reaches a series of significant growth milestones. The company has more than 150 U.S. restaurants and 500 locations worldwide across nine countries.

Suzie Tsai, CEO of Bonchon, said the new ownership structure will allow the company to strengthen its franchise network and accelerate growth.

"Bonchon's success is driven by passionate franchise partners who believe in the brand and its potential," Tsai 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."

Serruya targets Americas growth

Toronto-based Serruya Private Equity plans to invest in Bonchon's existing U.S. platform while pursuing expansion across the Americas.

Priority markets include Canada, Mexico and Chile, along with continued growth in existing U.S. markets.

The Serruya family has more than three decades of experience investing in and operating consumer and franchise businesses. Its portfolio has included brands such as Yogen Früz, Pinkberry, Cold Stone Creamery, Marble Slab Creamery, Pretzelmaker and Sprinkles Cupcakes.

Michael Serruya, chairman of Serruya Private Equity, said Bonchon's franchise model and global growth potential were key attractions.

"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 in the release.

The deal also expands a relationship between Serruya and Minor that dates back more than 30 years.

Minor Food expands Bonchon ownership

For Bangkok-based Minor Food, the acquisition represents a significant step up from its previous role with Bonchon.

Minor Food had been Bonchon's master franchisee in Thailand. It now owns the brand and its operations globally outside the Americas.

Minor Food is a wholly owned subsidiary of Minor International and operates 2,843 outlets across 24 countries under brands including The Pizza Company, Swensen's, Dairy Queen, Burger King, Sizzler, Benihana and The Coffee Club.

The company said Bonchon adds a high-growth, asset-light and royalty-driven brand to its food-and-beverage portfolio.

Korean food goes global

Bonchon's growth comes as Korean food and culture continue to gain traction globally.

Founded in Busan, South Korea, in 2002, Bonchon has built its brand around hand-battered, double-fried Korean fried chicken and an emphasis on authentic Korean flavors.

The company said its growth has been driven by franchise partners, word-of-mouth and increasing consumer interest in Korean food, entertainment, beauty and lifestyle.

The ownership transition gives Bonchon two operators with different geographic strengths — Minor Food across international markets and Serruya in the Americas — as the brand moves into its next phase of expansion.

William Blair served as lead financial adviser to Bonchon International, with BDA Partners serving as co-adviser.