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Bain Capital acquires Gong cha as private equity bets on global bubble tea expansion

8/10/2026

A wave of consolidation is moving through the quick-service beverage sector globally, with private equity capital flowing toward franchised concepts that span multiple geographies.

Against that backdrop, Bain Capital has agreed to acquire Gong cha, the Taiwan-founded bubble tea chain, from TA Associates in a deal expected to close in the fourth quarter.

Financial terms were not disclosed; Bloomberg reported in March that JPMorgan Chase was advising TA on a potential sale that could value Gong cha at roughly $2 billion, though neither party confirmed a figure with this week's announcement.

Seven years under TA Associates TA Associates took a majority stake in Gong cha in 2019.