Minor Food (Minor International PCL) / Serruya Private Equity acquires Bonchon International
- Deal value
- —
- Stake
- —
- Implied 100%
- —
- Revenue
- $30m
- Op. income
- $6m
- Multiples
- —
2025 연결 · DART-verified
2025 연결 · DART-verified
DART 20260403002099
- Target
- Bonchon International · Restaurant franchise (fried chicken)
- Buyer
- Minor Food (Minor International PCL) / Serruya Private Equity · SI
- Seller
- VIG Partners / Mr. Seo & Family
- Structure
- —
- Announced
- Aug 10, 2026
- Closed
- —
- Stage
- Closed
Target
Operator of the Bonchon fried-chicken franchise, founded in Busan in 2002 and launched in the US in 2006, with about 500 restaurants in nine countries including 150+ in the US and most revenue from overseas; headquarters moved to the US after VIG Partners' acquisition.
Deal rationale
VIG Partners bought a 55% controlling stake in December 2018 for about KRW 60bn through its Fund III (raised in 2016 at about KRW 700bn), and Asiae reported the sale as part of Fund III's exit. Buyer Minor Food, Bonchon's Thai master franchisee since acquiring the local franchisee for USD 66.2m in 2019, will run the business outside the Americas, while Serruya Private Equity said it would invest in the US platform and expand across the Americas (Canada, Mexico, Chile). Sellers were VIG Partners and founder Jinduk Seo's family; KED Global reported a price of about USD 141m.
| Revenue | $30m |
| Operating income | $6m |
| EBITDA | — |
| Net income | — |
2025 연결 · DART-verified · 20260403002099
Press coverage
- Minor International press release (2026-08-11): “MF’s net investment is US$50 million.”
- KED Global (2026-08-10): “has agreed to sell Bonchon International Inc., a K-fried chicken chain”
- Fast Casual (2026-09-02): “The transaction has now closed”
- 아시아경제 (2026-08-07): “논의되는 기업가치는 약 3000억원에 이를 수 있다는 평가가 나온다”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.