Minor International, or MINT, announced the acquisition of a 100% stake in Bonchon International for a net transaction value of 50 million US dollars, or approximately 1.65 billion baht, through its subsidiary MFG International Holding in Singapore. The deal is expected to be completed by August 2026 and will be financed with debt. As a result, MINT becomes the owner of the intellectual property of the Bonchon fried chicken brand outside the Americas and can directly collect royalty income and franchise fees worldwide, except in the Americas. Bonchon currently has around 500 locations outside the Americas in Thailand, Cambodia, Vietnam, and the Philippines. Bualuang Securities estimates that this deal is an asset-light model that will immediately add around 100 million baht per year to MINT's net profit, or about 1% of 2027 profit, with further upside from expanding to 700 to 1,000 locations in the medium to long term. Previously, MINT invested 70% in Spoonful in 2020 to become the sole franchise operator of Bonchon in Thailand. This acquisition therefore elevates MINT from master franchisee to a full global brand owner.
Minor International Public Company LimitedMINT acquires 100% of Bonchon for $50M, adding ~100M baht annual net profit and brand ownership.
