This article was displayed on the ChosunBiz MoneyMove (MM) site at 2:47 p.m. on May 15, 2026.
VIG Partners, a domestic private equity fund (PEF) manager, is aiming to maximize the price tag for Bonchon International, a global chicken franchise, by delaying the timing of selecting a preferred bidder. Although the main bid was held on the previous month, it is seen as an attempt to keep the door open for additional bidders and steer the negotiations to its advantage.
According to the investment banking (IB) industry on the 15th, VIG Partners and sell-side advisors BDA Partners and William Blair have been delaying the selection of a preferred bidder even after conducting the main bid last month to sell control of Bonchon Chicken. Multiple foreign strategic investors (SI) and financial investors (FI) submitted binding offers, but the sell-side is said to be pursuing additional negotiations while also contacting new bidders.
In the market, this is being interpreted not as a simple schedule delay but as a strategic decision to maximize price competition. Initially, the industry widely expected that the process would quickly move from the main bid to selecting a preferred bidder and signing a stock purchase agreement (SPA). However, as overseas investor interest persisted more than expected, analysis suggests the sell-side shifted to maintain a competitive structure rather than rushing to create a one-on-one negotiation setup. In other words, it is pursuing a so-called "progressive deal" strategy that induces competition among potential acquirers to drive up the price.
In particular, this transaction is being evaluated as different in tone because, unlike mergers and acquisitions (M&A) of domestic chicken franchises, it is effectively being played out on the U.S. restaurant franchise market stage. Bonchon Chicken currently operates about 500 stores in 10 countries worldwide, centered on the United States, with a substantial portion of total revenue generated overseas. Unlike other chicken brands with a high share of domestic operations, its secured global scalability is said to be drawing interest from foreign bidders.
Many of the bidders are also said to be U.S. private equity funds and global restaurant corporations. Earlier, the sell-side advisors signed nondisclosure agreements (NDAs) with more than 100 potential bidders and distributed the information memorandum (IM). According to the industry, some candidates are still conducting internal investment reviews and could still join.
Valuation expectations are the key variable in these talks. Bonchon International is said to have posted performance of about 12 billion won in earnings before interest, taxes, depreciation and amortization (EBITDA) last year. In Korea's restaurant franchise market, an EV/EBITDA multiple of typically 5 to 8 times is applied, but overseas there are many cases where high-growth restaurant brands command multiples of 15 to 20 times or more.
There is also analysis that, for VIG Partners, the outcome of this transaction is all the more important. Bonchon Chicken is one of the core portfolio assets of VIG Partners' third blind fund, formed in 2016 at about 700 billion won. If the transaction is successfully completed, the remaining portfolio exit work is likely to speed up.