Minor Group Takes Global Reins: Acquires Full Ownership of Korean Chain Bonchon
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Thailand’s Minor Group is set to acquire the remaining stake in Bonchon, a South Korean restaurant chain, thereby becoming its global owner. Headquartered in Bangkok, Minor Group has a significant presence in the restaurant industry with ownership of The Pizza Company, along with being a key franchisee for Burger King and Dairy Queen in Thailand. Since 2019, it has successfully managed over 100 Bonchon outlets across the country.
A Strategic Acquisition
Minor Group signed a stock purchase agreement on Monday with VIG Partners, a South Korean domestic private equity fund manager, to take over Bonchon International. It is reported that the sale includes the principal equity owned by VIG Partners as well as the stake held by Bonchon’s founder, Seo Jin-deok.
Upon the finalization of this transaction, Minor Group will hold complete ownership of Bonchon International. Although the precise transaction amount remains undisclosed, the estimated corporate value of Bonchon is around 300 billion won or approximately US$212 million.
Established in Busan, South Korea, in 2002, Bonchon embarked on its international journey in 2006 with its first venture in the United States. Since then, it has expanded into roughly 10 markets across North America, Asia, and Europe.
VIG Partners became the largest shareholder of the restaurant chain in 2018 after purchasing a 55 percent stake for around 60 billion won. The remaining 45 percent stake is owned by Seo, who currently serves as the CEO of Bonchon International.
The transaction between all parties involved is expected to be concluded by the end of the current month.
Questions & Answers
Who is acquiring the remaining stake in Bonchon?
The Minor Group from Thailand is acquiring the remaining stake in Bonchon, resulting in full ownership of the South Korean restaurant chain.
What is the estimated corporate value of Bonchon?
The corporate value of Bonchon is cited to be around 300 billion won or approximately US$212 million.
Who currently holds the majority stake in Bonchon International?
Before the acquisition, the majority stake in Bonchon International was held by VIG Partners, a South Korean private equity fund manager. They held 55 percent stake whereas the remaining 45 percent stake was owned by Bonchon’s founder, Seo Jin-deok.