Bain Capital has agreed to acquire Gong cha from TA Associates as the global tea chain prepares for its next stage of international expansion. Financial terms of the transaction were not disclosed.
The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions.
Founded in Taiwan in 2006, Gong cha has expanded to nearly 2,200 stores across 33 international markets and serves more than 150 million beverages annually.
TA Associates initially invested in Gong cha in 2019 and has supported the company through international expansion, acquisitions, and operational initiatives.
Recent M&A included the acquisition of Gong cha’s U.S. East and West Coast master franchisee rights, increasing the company’s control over its operations in a strategically important growth market.
TA also supported the rollout of Gong cha’s 2.0 “Digital Kitchen,” a new store format centered around proprietary beverage dispensing technology. The concept is currently deployed across approximately 250 stores.
For Bain Capital, the acquisition provides a platform with an established global consumer brand, a large franchise network, and additional expansion opportunities across Asia-Pacific and the Americas.
Gong cha plans to continue adding locations in existing markets while entering additional countries.
J.P. Morgan and NorthPoint served as financial advisors to Gong cha, while Nomura Securities advised Bain Capital.
KEY QUOTES:
“Gong cha has built a highly differentiated brand, supported by a great team, a strong global network of franchisees and a unique menu of beverages centered around whole leaf tea that continues to resonate with consumers worldwide.”
Edward Sippel, Managing Director at TA Associates
“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.”
Paul Reynish, Global CEO of Gong cha
“Gong cha has built a distinctive and globally recognized brand with a loyal customer base and franchisee economics that are among the strongest in the sector.”
Naofumi Nishi, Partner at Bain Capital
