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The Korean Chicken Brand Chosen by a Thai F&B Giant
Minor Group, widely regarded as Thailand’s largest restaurant conglomerate, has signed a definitive agreement to acquire Bonchon International. The deal covers a 100% stake held by domestic private equity firm VIG Partners and founder Seo Jin-duk. While the exact transaction price hasn’t been disclosed, the investment banking industry values the deal at approximately 300 billion won. Once the transaction closes, the ownership of a chicken franchise that started in Korea and flourished overseas will officially transfer to global F&B capital.
This transaction is about more than just Korean chicken selling well abroad. In the past, foreign companies typically secured business rights for specific countries by signing local master franchise agreements or establishing joint ventures with Korean restaurant brands. Under that model, brand ownership and core decision-making authority remained with the Korean headquarters. In contrast, the Bonchon deal involves the acquisition of the entire brand, which has already proven its commercial viability across multiple countries. It shows that K-food is no longer just an export product or a trendy menu item; it is now being evaluated as a vital investment asset integrated into the growth strategies of global restaurant companies.
Bonchon’s Growth from 325 to Over 500 Stores
Starting in South Korea, Bonchon is a chicken franchise that has expanded primarily across the United States and Southeast Asia. The number of global stores, which stood at 325 when VIG Partners first invested, has now grown to around 500. Bonchon International’s revenue also surged from 17.8 billion won in 2019 to 43.2 billion won last year. With simultaneous growth in both store count and revenue, Bonchon has successfully moved beyond a temporary regional fad to build a sustainable business across diverse markets.
What caught the attention of the overseas buyer wasn’t just the menu item of Korean fried chicken. While new dishes can be imitated, the brand awareness and franchise system built to open and operate stores across multiple countries cannot be replicated overnight. Bonchon has secured consumer touchpoints and accumulated extensive experience in store expansion across the US and Southeast Asia. The buyer isn’t just acquiring a single product; they are securing the operational know-how, the brand name, an established overseas network, and future expansion potential all at once.
Minor Group is a Thailand-based enterprise operating hotel and restaurant businesses. For an operator like this, Bonchon is not an early-stage brand that requires developing menus and building overseas awareness from scratch. It is already one of the leading names representing Korean chicken and has penetrated multiple markets. Minor Group can seamlessly combine Bonchon’s existing business foundation with its own accumulated operational expertise in the F&B industry. The market valuation of approximately 300 billion won reflects not only current revenue but also the inherent value of this strong foundation for expansion.
The Korean Brand Acquisition Strategy Pioneered by Jollibee
The move by foreign restaurant conglomerates to directly buy Korean brands is not unique to the Bonchon deal. In 2024, Jollibee Foods acquired a 70% stake in Compose Coffee, a Korean budget coffee brand, for roughly 330 billion won. This wasn’t just about gaining the right to operate Compose Coffee locally; it was a deal to acquire the controlling stake of a brand that had already built a massive store network in Korea. It serves as a clear example of a foreign operator injecting direct capital into the future growth of a Korean brand.
Following that, Jollibee Foods acquired a 100% stake in All Day Fresh, the operator of the shabu-shabu buffet brand Shabu All Day, for around 130 billion won (approximately $87 million). At the time, Shabu All Day boasted 172 stores and an annual revenue of about 480 billion won. This transition from acquiring a coffee chain to a full dining brand highlights that Jollibee values proven store operation models and brand scalability over short-term trends in the Korean market.
While Compose Coffee and Shabu All Day differ completely in menu, price range, and store format, the common thread between the two deals is unmistakable. Both involved acquiring a brand that had already secured a substantial number of stores and revenue in Korea, using it as a new foundation for growth. Bonchon adds an established overseas store network to this equation. Looking at this sequence of transactions, it is clear that the interest of foreign F&B companies is broadening from specific culinary items to the overarching franchise business models crafted in Korea.
The Center of K-Food Shifts from China to the US
Underlying this wave of mergers and acquisitions is the broadening overseas operational base of Korean restaurant companies. According to a survey by the Ministry of Agriculture, Food and Rural Affairs and the Korea Agro-Fisheries & Food Trade Corporation, the number of overseas stores run by domestic F&B companies increased by 24.8%, from 3,722 in 2020 to 4,644 in 2025. This indicates that certain brands have successfully scaled up by building extensive store networks across multiple countries.
The regional shift is even more striking. Stores in the US more than doubled from 528 in 2020 to 1,106 in 2025, while the number of stores in China dropped from 1,368 to 830. The epicenter of global expansion has clearly shifted from China to the United States. While the Chinese market once held the highest number of branches, the US has now emerged as the primary hub. The fact that brands like Bonchon—which laid their business groundwork in the US—are drawing intense attention in the M&A market aligns perfectly with this geographical shift.
Growth in the US market serves as a crucial data point for overseas buyers. It acts as a barometer for whether a brand appeals only to a niche audience familiar with Korean culture, or if it can successfully expand its footprint to reach a broader local demographic. Bonchon’s track record of store expansion is a prime example of translating the overseas sales potential of Korean fried chicken into tangible, store-level business success. Local operational capability, which isn’t always visible through export figures alone, is now an integral part of a brand’s value.
K-Food is Now an Investment Asset, Not Just a Product
Connecting the dots between the Bonchon, Compose Coffee, and Shabu All Day deals reveals a distinct shift in the approach of foreign companies. Previously, the familiar model involved the Korean headquarters retaining brand ownership while granting a foreign operator the right to run the business in a specific region. In that scenario, the overseas partner operates stores within the contracted area, but the overall value of the brand remains with the Korean headquarters. Recently, however, foreign companies are deploying substantial capital to acquire controlling stakes or even entire operating companies.
By acquiring a proven Korean brand, foreign companies bypass the time and uncertainty required to build a brand from the ground up. They can explore new markets leveraging existing store networks, established customer awareness, and rich franchise operation experience. On the flip side, the sellers of these Korean brands have their accumulated overseas networks and growth potential reflected in the transaction price. The fundamental difference between merely exporting a menu and acquiring a brand lies entirely in the transfer of ownership of these intangible assets.
The value of a Korean restaurant brand is no longer confined solely to the taste of its food or the popularity of the Korean Wave. A repeatable cooking process, effective franchise management, a brand identity that resonates with local consumers, and a proven ability to scale across multiple countries are all evaluated as a package. Bonchon’s roughly 500 global stores and its US-centric growth history strongly back this assessment. Foreign companies will only commit to large-scale acquisitions when there is a solid expectation that the brand can generate sustainable profits.
The Real Test of Brand Value Comes Post-Acquisition
However, an acquisition by foreign capital doesn’t automatically guarantee long-term success. The brand must balance maintaining its Korean identity with adapting to the specific palates and operational landscapes of different countries, all while upholding quality and franchise management standards during rapid expansion. As the number of overseas stores grows, securing a steady supply of ingredients and navigating local regulations becomes increasingly complex. How the acquirer preserves the brand’s original strengths and strategizes its expansion into new markets is just as critical as the purchase price.
The Bonchon acquisition contract perfectly illustrates that the globalization of K-food has evolved past exporting finished products and opening overseas branches, reaching the level of brand ownership trading. Whether similar acquisitions will follow depends heavily on how well Korean brands continue to prove their stable profitability and scalability in regions like the US and Southeast Asia. Today’s global F&B companies are looking beyond just serving Korean food; they want to own the highly promising Korean brands themselves. The next thing to watch is whether Bonchon’s new ownership structure will actually translate into concrete store expansion and elevated brand value.
Sources: Seoul Economic Daily, August 10, 2026; Ministry of Agriculture, Food and Rural Affairs Press Release, February 5, 2026.
