On Aug. 6, Bain Capital said it will acquire the bubble tea retailer Gong cha from TA Associates and other existing shareholders, marking another addition to the private equity firm's food and beverage portfolio.
Company officials did not disclose the price or the specific terms of the transaction. Earlier reporting in May indicated the sale could fetch as much as $2 billion, according to sources cited at that time.
The parties expect the deal to close in the fourth quarter of 2026. Until completion, Gong cha will continue to operate its global network of stores and maintain its current commercial activities.
Gong cha is a maker and seller of milk tea, fruit tea and other cold beverage items. The brand has expanded to nearly 2,200 outlets spanning 33 markets, with particularly strong representation in Japan, Australia and South Korea.
TA Associates, which focuses on growth-oriented investments, became a backer of Gong cha in 2019, according to information on its website. The firm is selling its stake alongside other shareholders as part of the transaction with Bain Capital.
Bain Capital's acquisition comes as the firm continues to build a portfolio of food and restaurant assets. Current holdings named in connection with its food and dining investments include Domino's Pizza Japan, Brazilian steakhouse chain Fogo de Chão and restaurant franchise operator Sizzling Platter.
Context and implications
The transaction represents a continuation of private equity interest in international quick-service and specialty beverage concepts. For Gong cha, the ownership change will place the chain under Bain Capital's stewardship pending regulatory and closing conditions that typically accompany deals of this size. Specific operational changes, strategic plans or management adjustments under the new owner were not disclosed.
What is known and what remains open
- Known: Bain Capital will buy Gong cha from TA Associates and other shareholders; the company operates nearly 2,200 stores across 33 markets and sells milk tea, fruit tea and other cold drinks.
- Known: TA Associates invested in Gong cha in 2019 and is among the sellers in this transaction.
- Unknown: The precise financial terms were not released; earlier reports in May stated the sale could reach up to $2 billion. The definitive economic structure of the deal and any post-closing plans for the brand were not provided.
As the acquisition proceeds toward a projected close in the fourth quarter of 2026, market participants and industry observers will be watching for additional disclosures from the parties on price, financing and any strategic changes that Bain may implement across Gong cha's international footprint.