Bain Capital to buy bubble tea chain Gong Cha from TA Associates and others
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Gong Cha sells milk tea, fruit tea and other cold drinks through nearly 2,200 stores across 33 markets.
PHOTO: LIANHE ZAOBAO FILE
- Bain Capital will acquire bubble tea chain Gong Cha from TA Associates and other shareholders, with the deal expected to close in the fourth quarter of 2026.
- Gong Cha operates nearly 2,200 stores across 33 markets, including strong presence in Japan, Australia, and South Korea.
- The acquisition extends Bain Capital's investments in food and beverage, adding to holdings like Domino’s Pizza Japan and Fogo de Chao.
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Bengaluru – Bain Capital said on Aug 6 it will acquire bubble tea chain Gong Cha from TA Associates and other shareholders, extending the US private equity firm’s push into food and beverage investments.
Bain Capital did not disclose the value or terms. Reuters reported in May, citing sources, that the sale could fetch as much as US$2 billion (S$2.56 billion).
The transaction is expected to close in the fourth quarter of 2026.
Gong Cha sells milk tea, fruit tea and other cold drinks through nearly 2,200 stores across 33 markets, with a strong presence in Japan, Australia and South Korea.
TA Associates, which focuses on growth opportunities, invested in Gong Cha in 2019, its website shows.
Bain Capital plans to work closely with Gong Cha’s management team to help support growth, including disciplined store expansion in Japan and South Korea, as well as in the US, according to the statement.
“Gong Cha has built a distinctive and globally recognised brand with a loyal customer base and franchisee economics that are among the strongest in the sector,” said Naofumi Nishi, a partner at Bain Capital.
Bain Capital’s current food and restaurant investments include Domino’s Pizza Japan, Brazilian steakhouse chain Fogo de Chao and restaurant franchise operator Sizzling Platter. REUTERS, BLOOMBERG