Minor International Public Company Limited (“MINT”) announced today that it has made an investment in Chicken Time Co., Ltd., Thailand (“Chicken Time”), a chain restaurant company, operating over 40 outlets in Thailand under the popular Bonchon chicken brand. The investment of 100% stake in Chicken Time, which amounted to Baht 2 billion, will allow Minor Food to operate existing Bonchon stores in Thailand. While such an investment does not include the franchise rights to open new stores, MINT is in the process of discussing with the master franchise right holder on a potential partnership to allow MINT to further expand Bonchon outlets across the country.
Bonchon brand, which was established in 2002 in Korea, has become a strong global brand as Korean cuisine and Korean-style fried chicken have gained increasing popularity worldwide. The brand differentiates itself with a specialized Korean-style fried chicken glazed with its signature sauces. With its strong brand equity and customer loyalty for distinctive super crispy chicken and other Asian fusion dishes, Bonchon restaurants have rapidly expanded worldwide, spanning across nine countries including the US, Bahrain, Kuwait, the Philippines, Singapore, Cambodia, Vietnam, Myanmar and Thailand.
“The already-lucrative portfolio of Bonchon brand in Thailand will bring us immediate revenue and earnings to further sharpen our growth trajectory. We believe that Thailand continues to offer promising long-term outlook on the back of its growing middle class and increasing personal income.” said Mr. William E. Heinecke, Founder and Chairman of MINT. “The unique customer proposition of the Bonchon brand combined with our robust four-decade experience and well-established operating platform in Thailand will no doubt equip us to further maximize value of this new investment for our shareholders.”
Mr. Paul Kenny, CEO of Minor Food, added, “We took our time to find the right brand to be added to our food portfolio and we couldn’t be happier that we found this one-of-a-kind food concept. Chicken is undoubtedly one of the top preferred protein for Thai people, and the growth potential of such market is enormous. While Bonchon will fit well within our casual dining restaurant portfolio, at the same time it also enhances our brand diversification. This strategic move will surely take Minor Food to another level, building on our long history as a restaurant operator.”
About Minor International: Minor International (MINT) is a global company focused on three core businesses: hospitality, restaurants and lifestyle brands distribution. MINT is a hotel owner, operator and investor with a portfolio of 529 hotels under the Anantara, AVANI, Oaks, Tivoli, NH Collection, NH Hotels, nhow, Elewana, Marriott, Four Seasons, St. Regis, Radisson Blu and Minor International brands in 55 countries across Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe, South and North America. MINT is also one of Asia’s largest restaurant companies with over 2,200 outlets system-wide in 26 countries under The Pizza Company, The Coffee Club, Riverside, Benihana, Thai Express, Bonchon, Swensen’s, Sizzler, Dairy Queen and Burger King brands. MINT is one of Thailand’s largest distributors of lifestyle brands and contract manufacturers. Its brands include Anello, Bodum, Bossini, Brooks Brothers, Charles & Keith, Esprit, Etam, Joseph Joseph, OVS, Radley, Scomadi, Zwilling J.A. Henckels and Minor Smart Kids. For more information, please visit www.minor.com.
About Chicken Time: Chicken Time is the operator of Korean-inspired casual dining restaurant chain under the brand “Bonchon” in Thailand. The first Bonchon store in Thailand was opened in 2011 and given its popularity, has been expanding rapidly ever since.