Key facts
- Bain Capital has agreed to acquire the global bubble tea chain Gong cha.
- The seller is TA Associates and other shareholders.
- The transaction is expected to close in the fourth quarter of 2026.
- Gong cha operates approximately 2,200 stores worldwide.
- The chain has about 240 stores in the U.S.
Bain Capital announced on August 5, 2026, that it has agreed to acquire Gong cha Global, a prominent bubble tea brand, from TA Associates and other shareholders. The deal, which is expected to be finalized in the fourth quarter of 2026, marks an expansion of Bain Capital's investments within the food and beverage industry.
Gong cha operates nearly 2,200 stores across 33 markets globally, with significant presence in Asia Pacific, including Japan, South Korea, and Australia, as well as a growing footprint in the Americas and Europe. The company utilizes a capital-light franchise model, supported by its Gong cha 2.0 "Digital Kitchen" concept featuring innovative drink dispensing technology. This model serves over 150 million beverages annually.
TA Associates, a growth-focused private equity firm, initially invested in Gong cha in 2019. The terms of the current transaction have not been disclosed, though reports in May suggested a potential valuation of up to $2 billion. Gong cha has recently strengthened its U.S. operations by acquiring 170 stores from its U.S. master franchisee and signing its largest direct franchising deal for 50 stores in Texas, aiming for 1,000 U.S. units.
Bain Capital plans to collaborate with Gong cha's management team to support its expansion, focusing on disciplined store growth in key markets like Japan and Korea, and accelerating development in the United States. The firm also intends to enhance customer engagement through product innovation and digital marketing. Bain Capital has a history of investing in the consumer, retail, and restaurant sectors, with previous investments including Domino's Pizza Japan, Fogo de Chão, and Sizzling Platter.