Bain Capital announced on August 6, 2026, its agreement to acquire the bubble tea chain Gong Cha from U.S.-based private equity firm TA Associates and other shareholders [1, 2, 3]. Gong Cha operates nearly 2,200 stores across 30 to 33 markets worldwide, including East Asia, the U.S., Japan, Australia, South Korea, and Central America [4, 1, 2, 3].
The acquisition price is reported with differing estimates. One source states the deal is valued at over $635 million, while a May Reuters report cited sources indicating the price could reach up to $2 billion [4, 1, 2].
TA Associates had invested in Gong Cha in 2019, focusing on growth opportunities since then [1, 2]. Bain Capital plans to continue expanding Gong Cha's presence in East Asia, Japan, South Korea, and the U.S., leveraging its existing food and beverage portfolio, which includes Domino's Pizza Japan, Brazilian steakhouse Fogo de Chão, and restaurant operator Sizzling Platter [4, 1, 2, 3].
Gong Cha announced plans last October to relaunch in Singapore during 2026 after closing all stores in the city-state [2]. This marks a key growth market for the bubble tea brand moving forward.
Among other bidders for Gong Cha was MBK Partners, which sought a Korean private equity partner for a joint bid. However, MBK's attempt was hindered by regulatory scrutiny in South Korea connected to the financial troubles of its portfolio company Homeplus. Homeplus recently obtained 200 billion won ($141 million) in emergency court-led rehabilitation funding after years of liquidity pressure [3]. MBK Partners declined to comment on market inquiries related to the Gong Cha bid [3].
The transaction is expected to close in the fourth quarter of 2026 [1, 2].
