Bonchon, the Korean fried chicken chain, will have new owners following an agreement to sell its global operations to two separate firms.
The Dallas-based company, currently owned by Korean private-equity firm VIG Partners, announced the deal this week. Its operations will be divided between Minor Food and Serruya Private Equity once the transaction closes in August.
How the deal divides Bonchon’s footprint
Minor Food will take over Bonchon’s locations outside the Americas. The company, a subsidiary of Minor International, already serves as Bonchon’s master franchisee in Thailand. It operates about 2,843 restaurants across 24 countries, including brands like The Pizza Company, Dairy Queen, Burger King, and Benihana.
Serruya Private Equity, based in Toronto, will manage Bonchon’s outlets in the U.S., Canada, Mexico, and Chile. The firm has invested in several restaurant brands, such as STK Steakhouse, Swensen’s, Pinkberry, and Everbowl. It also backs Honestly Good Chicken Fingers, a Canadian chain that competes with Raising Cane’s.
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The chain runs about 500 locations worldwide, with 150 in the U.S. It has expanded into nine countries since its founding in South Korea. The concept made its U.S. debut in 2006.
Michael Serruya, chair of Serruya Private Equity, described Bonchon as a standout brand. He highlighted its unique product, loyal customers, and room for growth. The scalable franchise model also appealed to the buyers.
The two firms have worked together before. Minor Food operates Swensen’s locations, another brand in Serruya’s portfolio. Serruya noted that both companies focus on disciplined franchise expansion.
Bonchon’s menu features double-fried chicken with Korean-inspired sauces like Soy Garlic and Yangnyeom. The chain has tested different formats, including full-service dining, fast-casual setups, and ghost kitchens.
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CEO Suzie Tsai said the acquisition will speed up the brand’s expansion. She cited the rising popularity of Korean flavors as a major factor. “Korean influence is widespread, and Bonchon plays a role in that story across communities,” Tsai said.
Serruya Private Equity previously owned Global Franchise Group, which included Round Table Pizza, until selling it to Fat Brands in 2021. The firm also held Kahala Corp., later acquired by MTY Food Group in 2016.
Leadership remains optimistic. Tsai attributed Bonchon’s success to franchise partners who support the brand’s potential. The company’s focus stays on future opportunities.