Korean fried chicken chain Bonchon has agreed to a split-market acquisition: Serruya Private Equity will take over the brand’s operations in the Americas, while Minor Foods will own all other territories. The transaction, announced in August 2026, covers roughly 500 locations across nine countries, including approximately 150 restaurants in the United States.
Bonchon, a Dallas-based franchise brand with Korean origins, has been owned by Korean private-equity firm VIG Partners since its U.S. debut in New York City in 2006. The brand operates through a mix of full-service restaurants, fast-casual formats, ghost kitchens, and mall locations, and is known for its double-fried chicken and Korean-inspired sauces including Soy Garlic, Yangnyeom, and K-BBQ. Under the agreement announced by the company, Serruya Private Equity will own the brand throughout the Americas, with primary expansion focus on the United States, Canada, Mexico, and Chile. Minor Foods will take ownership of all Bonchon locations outside the Americas. The deal was expected to close by the end of August 2026.
Two Buyers, Two Territories: How the Deal Is Structured
The transaction divides Bonchon’s global footprint along geographic lines. Toronto-based Serruya Private Equity, whose current portfolio includes brands such as STK Steakhouse, Swensen’s, Yogen Fruz, Pinkberry, and Everbowl, will manage the brand across the Americas. Minor Foods, a subsidiary of Minor International and one of Asia’s largest restaurant groups, will control operations in the rest of the world. Minor Foods is already Bonchon’s master franchisee in Thailand, where it operates more than 130 Bonchon units. Minor International stated that its total investment in the brand reached $50 million. Financial terms for Serruya’s portion of the deal were not disclosed. The two firms have a working relationship spanning more than 30 years and have collaborated on other brands, including Swensen’s.
Serruya’s History in Franchise Restaurant Groups
Serruya Private Equity has a long track record of acquiring and operating franchise restaurant portfolios. The firm previously owned Global Franchise Group, a collection that included Round Table Pizza, Great American Cookies, Hot Dog on a Stick, Marble Slab Creamery, and Pretzelmaker, before selling the group to Fat Brands in 2021. Before that, Serruya owned Kahala Corp., which was sold to MTY Food Group in 2016. Minor Foods, for its part, operates more than 2,843 restaurants across 24 countries under brands including The Pizza Company, Dairy Queen, Burger King, Sizzler, and Benihana. The split-ownership structure gives each buyer a geographically focused mandate, with Serruya concentrating on North and South American growth for the Bonchon brand.
Korean Flavors, Global Growth
Bonchon’s expansion in the United States has tracked the broader rise of Korean culinary influence in American dining. The brand, which entered the U.S. market two decades ago, has grown to approximately 150 domestic locations and competes across both full-service and fast-casual dining segments. The acquisition brings Bonchon under new ownership at a moment when Korean food culture continues to gain mainstream visibility across the country. Suzie Tsai has served as CEO through the brand’s recent growth phase and remains part of the leadership team as the ownership transition progresses.
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