Bonchon Acquired by Minor Food and Serruya Private Equity

Bonchon , the Korean fried chicken franchise, has been acquired by Minor Food and Serruya Private Equity (SPE) from existing shareholders VIG Partners and the Seo family, according to FSR Magazine . Financial terms were not disclosed, and the deal is expected to close by the end of August. Under the new ownership structure, Minor Food will lead Bonchon outside the Americas, while SPE will oversee the Americas.

Minor Food, one of Asia’s largest restaurant groups, already serves as Bonchon’s master franchisee in Thailand, while SPE has decades of experience investing in and scaling franchise and consumer brands.

The acquisition comes as Bonchon has grown to approximately 500 restaurants across nine countries, including roughly 150 U.S. locations. SPE plans to invest in the brand’s existing U.S. infrastructure while pursuing disciplined expansion throughout the Americas, particularly in Canada, Mexico and Chile, as well as existing 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 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.”

Founded in Busan, South Korea, in 2002, Bonchon entered the U.S. in 2006 and reached its 100th domestic restaurant in 2019. More recently, the brand has been modernizing its model , introducing a new full-service prototype in 2025 designed around contemporary Korean aesthetics and a streamlined kitchen supporting dine-in, takeout and delivery. The acquisition positions Bonchon to capitalize on the broader rise of Korean food and culture while combining Minor Food’s international restaurant expertise with SPE’s experience growing franchise brands in North America and other markets.