Thailand's Minor Group to buy Bonchon in ₩300B deal
What's the deal? Thailand's Minor InternationalDealroom has a profile for this one. Try Dealroom → has signed a stock purchase agreement to acquire Bonchon InternationalDealroom has a profile for this one. Try Dealroom →, buying out its management stake and the shares held by founder Seo Jin-deok.
The terms. The price was not disclosed, while market estimates put Bonchon's enterprise value at roughly ₩300 billion. BDA PartnersDealroom has a profile for this one. Try Dealroom → and William BlairDealroom has a profile for this one. Try Dealroom → handled the sell-side advisory, and the parties aim to close by the end of August 2026.
What each side brings. Minor FoodsDealroom has a profile for this one. Try Dealroom → runs brands including The Pizza CompanyDealroom has a profile for this one. Try Dealroom →, The Coffee ClubDealroom has a profile for this one. Try Dealroom →, Burger KingDealroom has a profile for this one. Try Dealroom →, Dairy QueenDealroom has a profile for this one. Try Dealroom → and SizzlerDealroom has a profile for this one. Try Dealroom →. Its foodservice arm operated over 2,700 stores across 68 countries at the end of 2025.
The brand. Bonchon Chicken launched in Korea in 2002, entered the US market in 2006 and now runs over 150 US stores, with around 500 worldwide.
Why now? Minor has operated more than 100 local Bonchon stores in Thailand and other countries since 2019, but this deal marks the first time it takes over the Bonchon brand itself.
The exit. VIG PartnersDealroom has a profile for this one. Try Dealroom → became Bonchon's largest shareholder in 2018, acquiring a 55% stake for about ₩60 billion, and has since driven localisation and franchise expansion, primarily in the US.
The signal. The deal hands an established Korean food brand to a large regional operator with the scale to push it further across Asia, while giving VIG an exit after roughly seven years.
Read more: The Chosun Daily
Image credit: Bonchon International
