Dallas-Based Bonchon Sells to global powers Minor Food and Serruya
Bonchon has run its global operation out of an office suite on the Dallas North Tollway since 2021, a fact easy to forget behind the chain’s five hundred stores and nine countries. That address is about to answer to new owners. Bonchon announced this week that its shareholders have agreed to sell the Korean fried chicken chain to Minor Food and Serruya Private Equity, a deal expected to close by the end of August.
The sellers are VIG Partners, the Seoul-based private equity firm that bought into Bonchon eight years ago, and the family of founder Seo Jin-duk, who opened the first Bonchon in Busan, South Korea, in 2002. Bonchon means “my hometown” in Korean, a detail the brand has leaned on since its earliest expansion, and one that will now describe two hometowns rather than one. Under the agreement, Minor Food, the Bangkok-based operator that already serves as Bonchon’s master franchisee in Thailand, takes ownership of the brand everywhere outside the Americas. Serruya Private Equity, the Toronto family investment firm behind STK Steakhouse, Pinkberry and Yogen Früz, takes the Americas, meaning the U.S., Canada, Mexico and Chile fall under its growth plan going forward.
Bonchon’s American story has largely been Dallas’s story for the past five years. The chain opened its first U.S. location in New York City in 2006, then spent over a decade headquartered there before relocating its global offices to Dallas in 2021, a move the company tied to Texas’s centrality for serving franchise partners on both coasts. The company now counts roughly 150 U.S. restaurants among its approximately 500 locations worldwide, spanning the U.S., Thailand, the Philippines, Vietnam, Myanmar, Taiwan, Laos, Cambodia and Malaysia. Locally, Bonchon operates in Addison, The Colony, Fort Worth and other DFW suburbs. I’ve had many disappointing meals at Dallas-area locations over the years, and the strongest of the bunch was consistently the non-franchise, company-owned unit in Addison. It’s not a knock so much as a hope that new ownership tightens the operation across the board, because when Bonchon is on, it’s worth the calories.
Minor Food will invest a net fifty million dollars, about 1.66 billion baht, for its share of the business, according to Thai disclosures tied to the transaction. William Blair served as lead financial advisor to Bonchon International, with BDA Partners as co-advisor. Suzie Tsai remains Bonchon’s chief executive through the transition. “Bonchon’s success is driven by passionate franchise partners,” Tsai said in a statement announcing the sale, adding that Korean flavors have become a fixture on menus well beyond Korean restaurants themselves.
Michael Serruya, chair of Serruya Private Equity, framed the deal as a continuation of an existing relationship rather than a new bet. His firm and Minor have worked together for more than three decades, most visibly through Minor’s operation of Serruya’s Swensen’s brand across Thailand and the region. Serruya Private Equity’s current roster already includes Honestly Good Chicken Fingers, a Canadian fast-casual concept built to compete with Raising Cane’s, so a second fried chicken brand in North America fits a pattern rather than breaking from one.
None of this changes what’s on the menu at the counter this week. The hand-battered, double-fried chicken and its Soy Garlic, Yangnyeom and K-BBQ sauces stay put, at least for now, and Bonchon’s Dallas office presumably keeps the lights on through the closing. What changes is who answers for the brand’s next chapter, and for the first time in the company’s history, that answer splits the world into two ownership groups rather than one.
Frequently Asked Questions
Where is Bonchon headquartered?
Bonchon’s global headquarters is located at 15660 Dallas Parkway, Suite 1150, Dallas, TX 75248. The company relocated there from New York City in 2021.
Where was Bonchon founded?
Bonchon was founded in Busan, South Korea, in 2002 by Seo Jin-duk. It opened its first U.S. location in New York City in 2006 before eventually relocating its global headquarters to Dallas.
Who is buying Bonchon?
Minor Food, the Bangkok-based restaurant operator and Bonchon’s existing master franchisee in Thailand, and Serruya Private Equity, a Toronto-based family investment firm, have agreed to jointly acquire Bonchon from shareholders VIG Partners and the family of founder Seo Jin-duk.
When will the sale of Bonchon close?
The transaction is expected to close by the end of August 2026, according to statements from Bonchon and its acquirers.
Will Bonchon restaurants change as a result of the sale?
No changes to menus, sauces or day-to-day operations at existing locations have been announced. Ownership of the brand splits by region, with Minor Food controlling markets outside the Americas and Serruya Private Equity controlling the U.S., Canada, Mexico and Chile.
How many Bonchon locations are there?
Bonchon operates approximately 500 restaurants across nine countries, including about 150 in the United States, according to the company.