Bonchon’s US business has been sold to Serruya Private Equity (SPE), however financial terms were not disclosed.
The rest of the Korean-founded Bonchon business has been bought by Thai-headquartered Minor Group, which will split operational management between the Americas and the rest of the world.
SPE plans to invest in Bonchon’s existing US platform and pursue “disciplined expansion” in the Americas, with Canada, Mexico, Chile, and existing trade areas identified as priority markets.
“Bonchon’s success is driven by passionate franchise partners who believe in the brand and its potential,” said Bonchon CEO Suzie Tsai.
“Korean influence is everywhere, and Bonchon is proud to be part of that story in communities around the world. Minor Food and SPE will enhance our franchise network and help us accelerate our growth, bringing Bonchon’s iconic flavors and experience to even more guests around the world.”
Founded by Jinduk Seo in 2002, Bonchon entered the US market in 2006 with its first restaurant in New York City.
Korean mid-market buyout firm VIG Partners acquired a majority stake in the business in December 2018, with Seo also previously involved in its ownership and operation.
The chain now has around 500 restaurants across nine countries, including about 150 in the US. Its network includes both full-service and fast-casual restaurants.
“Bonchon is one of the most compelling global restaurant brands, with a differentiated product, a loyal customer base, significant untapped growth potential, and a highly scalable franchise model,” said Michael Serruya, chairman of Serruya Private Equity.
“Together, we look forward to supporting Bonchon’s management team and franchise partners while accelerating the brand’s growth across the US and throughout the Americas.”
William Blair served as lead financial adviser to Bonchon International, with BDA Partners acting as co-adviser. The transaction is expected to close at the end of this month.
- Further reading: Bonchon names new US CEO as it eyes “significant expansion”.
