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| Good Morning Wolf Pack. Today's newsletter covers Bonchon getting bought by Minor Food and Serruya Private Equity, Twin Peaks signing a South Texas development deal with InnJoy Hospitality, and Papa John's completing a 28-restaurant refranchising in Orlando. Enjoy! Was this email forwarded to you? FROM THE WOLF DEN 1) Innovation, Quality Drives Growth at Bonchon as It Gets 2 New Owners Bonchon just landed two new owners in one deal. Serruya Private Equity and Minor Food, a large existing Bonchon franchisee in Thailand, agreed to buy the nearly 500-unit Korean fried chicken brand from VIG Partners and founder Jinduk Seo, with Minor taking everything outside the Americas and Serruya taking the rest. "There's an opportunity for our brand to really be in a position where we can even further accelerate the growth with the right ownership structure," said Bonchon CEO Suzie Tsai. Minor Food, a subsidiary of Minor International, already operates more than 130 Bonchon locations in Thailand and runs nearly 2,850 restaurants worldwide under brands like Benihana and Dairy Queen. Minor's investment in Bonchon totaled $50 million. Bonchon has about 150 U.S. restaurants, and Tsai says the brand is getting more selective with new franchisees, turning down applicants who don't show they understand the concept. The cost to open a Bonchon ranges from roughly $262,000 to $1.3 million depending on format, and dine-in locations open the full 2025 calendar year averaged $1.6 million in sales. Tsai expects the new ownership structure to help Bonchon expand into Canada and beyond, while giving franchisees better supply chain leverage. 2) Twin Peaks Signs South Texas Area Development Agreement with InnJoy Hospitality Twin Peaks just found its next growth corridor. The sports lodge brand signed an area development agreement with Peaks and Pints LLC, an affiliate of InnJoy Hospitality, to bring the concept into Cameron and Webb counties, covering Brownsville, South Padre Island, and Laredo. "This agreement reflects our strategy of aligning with sophisticated operators who understand both hospitality and real estate development," said Ray Bodnar, Twin Peaks' vice president of global franchise sales and development. InnJoy is a family-owned hospitality group with hotels, restaurants, and mixed-use developments across Texas and the Caribbean. "South Texas represents an exciting development opportunity," added John Hong of Summit Acquisitions, the entity managing the brand's ongoing transition to private ownership. Twin Peaks now operates more than 115 locations across the U.S. and Mexico, and this deal leans into tourism-heavy South Texas markets that fit the brand's scratch-made, sports-bar-meets-lodge format. 3) Papa Johns Completes Strategic Refranchising of Orlando-area Restaurants with Franchisee Wade Oney Papa John's just handed one of its most decorated franchisees another 28 restaurants. The company refranchised the formerly corporate-owned Orlando-area locations to PZZA Group and Magic City Pizzerias, both led by veteran operator Wade Oney. The move follows a strong run for Oney, who now owns more than 120 Papa John's restaurants after opening 10 new locations in 2025 across Central and South Florida. Oney previously spent six years as Papa John's Chief Operations Officer, helping grow the system past 2,000 restaurants before returning to franchising. "Wade and his team have long stood as a leading example to other franchise partners of operational excellence, customer service, team culture and community support," said John Matter, Papa John's Global Chief Development Officer. Oney has been named Papa John's Franchisee of the Year multiple times and was inducted into the brand's Hall of Fame, and this deal continues the company's push to move corporate stores into the hands of proven operators. EXTRA SAUCE 💥 Camp Bow Wow Awards Three-Unit Franchise Agreement to Fuel North Texas Growth Fort Worth's Trinity Shields and Abigale Freeman signed on to bring three dog daycare facilities to Weatherford, Burleson and Granbury under Camp Bow Wow's new reduced-investment prototype, which trims the buildout cost by more than $400,000. Potbelly Signs 10-Shop Franchise Development Agreement for Central Florida Veteran operator BD Patel and nephews Bhavesh and Mihir signed on for 10 shops across Northeast Orlando and Gainesville, with plans to eventually push into residential neighborhoods and university towns. Iconic Shipley Donuts Coming to Michigan Houston-based Shipley is making its Michigan debut through a 15-unit agreement with Hole Lotta Dough, bringing fresh donuts and Texas kolaches to Metro Detroit as the brand celebrates its 90th birthday. Mokas Coffee & Eatery Signs Nine-Unit Development Deal to Expand Across Kansas City Army veteran Brice Turner and partner Jeff Bennett signed on for nine units across the Kansas City metro and three additional Kansas markets, drawn to the brand's community-first coffee-and-eatery concept. MOOYAH Expands in Utah with Additional Six-Unit Development Deal Brothers Art and Nick Depole are adding six more MOOYAH burger restaurants across Salt Lake, Davis and Utah counties, growing their existing four-unit footprint in the state. GarageExperts Reaches 125 Territories at 2026 Midpoint The garage-transformation brand added 15 territories in the first half of the year, pushed into Iowa for the first time, and says established owners are posting double-digit same-store sales growth. Home Helpers Home Care Builds Momentum With 18 Franchise Agreements The in-home care franchise signed 18 new agreements and opened 13 locations through the first half of 2026, riding rising demand for care delivered at home. Fresh Brothers Brings Wing It On!'s Championship Wings to Southern California Craveworthy Brands is putting Wing It On!'s award-winning wings on the menu at all 20 Fresh Brothers pizza locations across Southern California, expanding the wing brand's footprint without opening a single new restaurant. Friendly Fire Closes $4.7 Million Series A Funding Round The Croatia-based gaming cafe franchise landed a round from AYMO Ventures to build out its tech platform as it works toward a pipeline of 178 more locations across 11 countries. Skiptown's First Franchisee Group Signs Lease Agreement in Pineville Charlotte locals Chris Tkatch and Bo Fender, both longtime members turned owners, signed the dog daycare-and-bar brand's first-ever franchise lease as Skiptown builds on 23% year-over-year revenue growth. Aroma Joe's to Open New Sabattus, Maine Location Navy veteran and longtime franchisee Cody Currier is opening his second Maine shop in Sabattus this September, part of the coffee brand's continued build-out along the East Coast. Dogtopia Marks Record First Half of 2026 with National Recognition The dog daycare franchise landed a Health-Focused Product of the Year award and a spot on the Inc. 5000 list after posting a record-high 90 Net Promoter Score and nearly 7% same-store sales growth. WOLF BITES
That’s it for this edition of The Wolf Report. Feel free to reply with any questions or feedback. Thanks and see you Thursday! — The Wolf | ||||
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