BDA advises VIG on sale of Bonchon to Minor and Serruya

BDA Partners is pleased to announce that its client, VIG Partners, has agreed to sell Bonchon International, a leading global Korean fried chicken franchise, to Minor Food (“MF”), a subsidiary of Minor International, and its strategic partner Serruya Private Equity (“SPE”). The transaction is expected to close within August 2026.

BDA Partners acted as financial advisor to VIG Partners and Bonchon. Kim & Chang served as legal counsel.

Bonchon is one of the most recognized Korean food brands in the world. From a single restaurant in Busan, Korea in 2002, and a US debut in 2006, Bonchon has grown into a global franchise platform of over 500 restaurants across the US, Thailand, the Philippines, Vietnam, Myanmar, Taiwan, Laos, Cambodia and Malaysia.

Bonchon is celebrated for its signature “double-fried” Korean fried chicken and proprietary sauces. It operates a scalable, franchise model that generates durable, recurring income through royalty fees and proprietary sauce sales. Bonchon also owns and operates its own sauce production facility.

On completion, MF and SPE will own the Bonchon brand and operations across complementary territories. MF will own the business globally, ex-Americas. SPE will own the business throughout the Americas. The acquisition strengthens MF’s long-standing relationship with Bonchon. MF has served as master franchisee in Thailand. MF is the brand’s largest master franchisee by system revenue.

Euan Rellie, Managing Partner, BDA Partners, said: “Bonchon is a Korean champion, and a global leader. We’re proud to have helped the business find a great new home, and to work with Minor again, and with SPE. These are three excellent restaurant companies. BDA has built a terrific track record in the consumer sector.”

Howard Lee, Partner, Head of Seoul, BDA Partners, said: “We’re proud to help VIG, an important client, to execute this transaction. It’s exciting to work for leading Korean companies, and to support the ongoing global growth of Korean culture. BDA’s Seoul team is adding value across multiple industries.”