Bain Capital to buy bubble tea chain Gong Cha from TA Associates and others
The transaction is expected to close in the fourth quarter of 2026.
On August 6th, Bain Capital announced its plan to acquire the bubble tea chain Gong Cha from various shareholders, including TA Associates. The private equity firm did not reveal the value or terms of the deal. According to a Reuters report in May, the sale might reach up to US$2 billion (S$2.56 billion). The transaction is anticipated to be finalized in the fourth quarter of 2026.
Gong Cha operates nearly 2,200 stores across 33 markets, with a notable presence in Japan, Australia, and South Korea, selling milk tea, fruit tea, and other cold drinks. The company was targeted by TA Associates for investment in 2019, as per its website.
Bain Capital aims to collaborate with Gong Cha's management team to foster its growth, with a focus on disciplined store expansion in Japan and South Korea, as well as in the US. Naofumi Nishi, a partner at Bain Capital, highlighted Gong Cha's distinctive globally recognized brand and loyal customer base, noting its franchisee economics are among the strongest in the sector.
Bain Capital's existing investments in food and restaurants include Domino's Pizza Japan, the Brazilian steakhouse chain Fogo de Chao, and the restaurant franchise operator Sizzling Platter.
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