This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:08 p.m. on Mar. 17, 2026.
Private equity fund (PEF) manager VIG Partners is speeding up the sale of global chicken franchise Bonchon International (Bonchon Chicken). With more than 100 potential buyers showing interest, expectations are growing for a successful, highly competitive auction.
According to the investment banking (IB) industry on the 17th, William Blair, the advisor for the sale of Bonchon Chicken, recently signed non-disclosure agreements (NDAs) with about 100 overseas strategic investors (SIs) and financial investors (FIs) and sent them information memorandums (IMs). The prospective buyers are said to be concentrated mainly in the United States.
Unlike other chicken brands with a high share of domestic revenue, Bonchon Chicken generates most of its sales overseas. The Korea location closed in 2016, and the brand now operates in 10 countries worldwide, centered on the United States.
More than 60% of the company's total sales are said to come from the United States. It has built a high-margin model centered on franchise royalty revenue and sauce exports, resulting in strong margins. Last year's estimated earnings before interest, taxes, depreciation and amortization (EBITDA) was about 14 billion won, an increase of about 30% from the previous year's 11 billion won.
In the IB industry, there is analysis that when valuing Bonchon Chicken's enterprise value (EV), it is appropriate to apply valuation multiples from the U.S. franchise market rather than the domestic market. In fact, many global dining brands listed on U.S. exchanges and fast-growing franchises trade at EV/EBITDA multiples of 20 times or more. Applying this to Bonchon Chicken suggests an enterprise value of around 300 billion won.
VIG Partners acquired 55% of Bonchon International in 2018 for 60 billion won. Since then, it has focused on a U.S. localization strategy and expanding stores. The second-largest shareholder is founder Seo Jin-deok and family, who collectively hold the remaining 45% equity. The stake held by Seo's family is also said to be included in the assets for sale.