Bain Capital has agreed to acquire Gong cha Global (Gong cha) from TA Associates and other existing shareholders for an undisclosed sum.

Gong cha currently operates around 2,200 bubble tea outlets in 33 markets worldwide.

Founded in Taiwan in 2006, the brand has established its presence in Japan, Korea and Australia, and is expanding its footprint in the Americas and Europe.

Bain Capital plans to collaborate with Gong cha's management team to support the brand’s next phase of growth.

The immediate focus will be on continuing the chain's store expansion strategy in Japan and Korea. At the same time, the company aims to accelerate its growth trajectory in the US.

In parallel, Bain Capital seeks to support Gong cha in strengthening customer engagement through product innovation, expanded use of digital marketing and the development of loyalty initiatives.

Bain Capital partner Naofumi Nishi said: “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.

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

“We look forward to partnering with the team to support the next phase of the group’s growth and continuing to develop its operations and marketing, which has been fundamental to its success to date.”

The transaction is expected to be finalised in the fourth quarter of 2026, subject to customary closing conditions.

Gong cha CEO Paul Reynish said: “We are grateful to TA for its partnership and shared commitment to Gong cha’s long-term success.

“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.”