Bain Capital Acquires Bubble Tea Chain Gong Cha

Private equity firm Bain Capital is acquiring the global bubble tea chain Gong Cha from TA Associates. The financial terms of the transaction were not disclosed, though the deal is expected to close by the end of 2026.

Gong Cha currently operates 2,200 locations worldwide, including 289 in the United States and Canada. Despite a recent slowdown in domestic growth, where system sales grew 3.3% to $121.6 million in 2025, the company is implementing a new franchising strategy to accelerate expansion. This initiative involves acquiring master franchisee rights across Eastern and Western U.S. states and a specific agreement with Bakers Acres & Cattle to open 50 locations in Texas over the next seven years.

Nomura Securities advised Bain Capital on the deal, while J.P. Morgan and NorthPoint served as financial advisors for Gong Cha.