SEA Deal Ticker
Korean private equity is done: a Thai operator takes Bonchon's 500 restaurants
Minor Food and Serruya PE buy the Korean fried-chicken chain from VIG Partners, which paid about $43 million for 55% in December 2018. Minor takes every market outside the Americas.
Positive-sum angle: A Thai group already operating in nine of Bonchon's markets can run the brand closer than a Seoul fund managing it at a distance; regional franchises are worth most to regional operators.