Bain Capital agrees to acquire Gong cha from TA Associates
Bain Capital has agreed to acquire global bubble tea brand Gong cha from TA Associates, marking the exit of the private equity firm’s seven-year investment in the fast-growing beverage franchise.
Financial terms of the transaction, which is expected to complete in the fourth quarter of 2026, subject to customary regulatory approvals and closing conditions, have not been disclosed.
TA first invested in Gong cha in 2019 and has since worked with management to accelerate the company’s international expansion and execute a series of value creation initiatives. During the firm’s ownership, Gong cha expanded its global footprint, completed strategic acquisitions and invested in technology to improve store operations.
Among the key initiatives was the acquisition of the company’s US East and West Coast master franchise rights, as well as the rollout of its “Digital Kitchen” operating model, which incorporates automated beverage dispensing technology. The platform has now been deployed across approximately 250 stores.
Today, Gong cha operates nearly 2,200 outlets across 33 markets and serves more than 150 million beverages annually, reinforcing its position as one of the world’s largest specialty tea franchise businesses.
Edward Sippel, Managing Director at TA Associates, said the investment had supported Gong cha’s evolution into a global category leader, citing the strength of its franchise network, differentiated product offering and international growth strategy.
Under Bain Capital’s ownership, the business is expected to continue expanding across Asia-Pacific and the Americas. Bain said it sees significant opportunities to grow the brand further, particularly in markets including Japan, while continuing to invest in operations, marketing and franchise development.
Paul Reynish, Global CEO of Gong cha, said the company would build on the momentum created during its partnership with TA as it enters its next phase of growth with Bain Capital.
JP Morgan and NorthPoint advised Gong cha and TA Associates on the transaction, while Nomura Securities acted as financial adviser to Bain Capital.