Bain Capital to acquire bubble tea chain Gong Cha

Source: Global Market Broadcast

US private equity firm Bain Capital said on Thursday that it will acquire the bubble tea chain brand Gong cha from TA Associates and other shareholders, further expanding its investment footprint in the food and beverage sector.

Bain Capital did not disclose the transaction amount or specific terms. Previously, sources stated that the deal could be worth up to 2 billion USD.

The transaction is expected to be completed in the fourth quarter of 2026.

Gong cha has nearly 2,200 stores in 33 markets, selling milk tea, fruit tea, and other cold drinks, and holds a strong market presence in Japan, Australia, and South Korea.

TA Associates focuses on growth-oriented investment opportunities. According to its official website, the firm invested in Gong cha in 2019.

Bain Capital’s current investments in the food and beverage sector include Domino’s Pizza Japan, Brazilian steakhouse chain Fogo de Chão, and restaurant franchise operator Sizzling Platter.