THE WHAT? Bain Capital has agreed to acquire Taiwan-originated bubble tea chain Gong Cha from TA Associates and other shareholders in a deal valued at more than US$635 million.
THE DETAILS The transaction is expected to complete by the end of 2026. Under Bain Capital’s ownership, Gong Cha plans to accelerate its expansion in Japan, South Korea and the US, supported by the investment firm’s experience in consumer businesses and digital marketing. Founded in Taiwan in 2006, Gong Cha operates more than 2,000 stores across approximately 30 countries and regions. The group generated revenue of US$188.8 million in 2024, up 6%, while operating profit doubled to US$23.7 million.
THE WHY? The acquisition gives Bain Capital exposure to the expanding global tea café market while providing Gong Cha with additional investment and expertise to scale its international store network in key growth markets.
Source: Nikkei Asia
