Bain Capital snaps up Gong cha in global growth push

Bain Capital has agreed to acquire bubble tea giant Gong cha Global from private equity firm TA Associates, adding another consumer brand to a growing list of acquisitions as the firm continues its global expansion.

Financial terms for the acquisition were not disclosed. The deal is expected to close in the fourth quarter of 2026, subject to customary conditions.

Gong cha operates nearly 2200 stores across 33 markets, serving more than 150 million beverages annually through a capital light franchise model. The tea chain has established leading positions across Asia-Pacific, including Australia, Japan and South Korea, while expanding its footprint in North America and Europe.

Under Bain Capital's ownership, the company will continue its store rollout in Japan and South Korea while accelerating expansion in the United States, where Gong cha has built a sizable franchising pipeline. The strategy will also focus on product innovation, digital marketing and customer loyalty initiatives.

Bain Capital partner Naofumi Nishi said Gong cha's franchise model and brand recognition positioned the business for its next phase of growth.

"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," Nishi said.

The management team's disciplined approach to store expansion has created a strong platform with significant room to grow across Asia Pacific, including in Japan, and the Americas.

Gong cha global chief executive Paul Reynish thanked TA Associates for supporting the company's international expansion and said Bain Capital would help drive the next stage of growth.

"We are grateful to TA for its partnership and shared commitment to Gong cha's long-term success," Reynish said.

"TA's investment has been instrumental in supporting our global expansion and the continued development of our business model. As we begin this next chapter with Bain Capital, we look forward to building on this momentum and bringing more high-quality whole leaf tea to consumers around the world."

The acquisition adds to an active year for Bain Capital, which has announced or completed deals spanning consumer, industrial and financial services business. In Australia, the firm agreed to acquire Perpetual's wealth management business for $550 million in March, while it has also announced acquisitions including UK vitamins company Solgar Vitamins, German supply chain software provider SupplyOn and several industrial businesses.

The latest transaction comes after Bain Capital previously withdrew from its proposed takeover of Insignia Financial, citing macroeconomic uncertainty, ending months of discussions over a potential acquisition.