Bain Capital has agreed to acquire Gong cha Global from TA Associates and the company’s other shareholders, putting one of the world’s fastest-growing tea brands under new private-equity ownership as the global franchise prepares for its next stage of expansion.
Financial terms of the transaction were not disclosed. The deal is expected to close during the fourth quarter of 2026, subject to customary closing conditions. J.P. Morgan and NorthPoint served as financial advisers to Gong cha, while Nomura Securities advised Bain Capital.
Founded in Taiwan in 2006, Gong cha has grown into a global tea and beverage franchise with nearly 2,200 stores across 33 markets, according to Bain Capital. The company serves more than 150 million beverages annually and has established leading positions in markets including Japan, South Korea and Australia, while continuing to expand across the Americas and Europe.
The acquisition gives Bain Capital a franchise-led consumer platform with further room for international unit growth. Bain said it plans to work with Gong cha’s existing management team to accelerate expansion in key markets, particularly Japan, South Korea and the United States, while investing in product innovation, digital marketing and loyalty initiatives.
Naofumi Nishi, Partner at Bain Capital, said Gong cha has built a “distinctive and globally recognised brand” with a loyal customer base and strong franchisee economics. “We are excited to partner with the Gong cha management team to support the next phase of growth,” Nishi said, adding that Bain sees significant opportunities to expand the brand in Asia-Pacific, particularly Japan, as well as across the Americas.
Gong cha’s growth has been driven largely through franchising, giving the company a capital-light model for international expansion. The brand has also been investing in technology and store formats designed to improve franchisee economics and operational efficiency.
Its Gong cha 2.0 “Digital Kitchen” concept, which incorporates beverage-dispensing technology and other digital and operational tools, is already operating in approximately 250 stores, according to TA Associates. The format is designed to improve throughput and efficiency while maintaining the brand’s beverage and customer experience.
The United States is another major component of Gong cha’s expansion strategy. Earlier this year, Gong cha acquired the master franchise rights covering approximately 170 U.S. stores, bringing those territories under its direct control and creating additional opportunities to recruit franchise partners and develop new locations.
The transaction covers territories across 13 states: New York, New Jersey, Pennsylvania, Connecticut, Massachusetts, Rhode Island, New Hampshire, Texas, Oklahoma, Florida, North Carolina, South Carolina and Georgia.
That move followed Gong cha’s continued investment in its U.S. franchise infrastructure and is expected to give the company greater control over development and franchise recruitment in several important markets.
Bain’s acquisition comes after approximately seven years of ownership by TA Associates. TA invested in Gong cha in 2019 and supported the company’s international expansion, operational development and strategic initiatives during its ownership period.
“Gong cha has built a highly differentiated brand, supported by a great team, a strong global network of franchisees and a unique menu of beverages centred around whole leaf tea that continues to resonate with consumers worldwide,” said Edward Sippel, Managing Director at TA Associates.
TA said its investment period included the development of the Gong cha 2.0 concept and the acquisition of the U.S. master franchise rights, both of which were intended to strengthen the company’s platform for future growth.
Gong cha Global CEO Paul Reynish said the company is grateful for TA Associates’ partnership and the role it played in the brand’s expansion. “As we begin this next chapter with Bain Capital,” Reynish said, Gong cha looks forward to building on its momentum and bringing more high-quality whole-leaf tea to consumers around the world.
The deal follows reports earlier this year that TA Associates was exploring a sale of Gong cha. Reuters reported in May that the business had attracted private-equity interest and that the seller was seeking a valuation that could reach approximately $2 billion. However, that figure related to the sale process and was not disclosed as the final transaction value. The August announcement from Bain Capital and TA Associates confirms that the financial terms remain undisclosed.
Bain Capital’s existing experience includes investments in food, beverage, retail and franchise businesses, including Domino’s Pizza Japan, Skylark, York Holdings, Fogo de Chão, Sizzling Platter, Gail’s and Retail Zoo.
For Gong cha, the ownership change comes at a significant point in its international development. The company has expanded from its Taiwan roots into a global network spanning 33 markets, while its franchise model continues to provide a platform for multi-unit development.
With Bain Capital taking ownership, the focus now shifts toward expanding Gong cha’s store network, strengthening its franchise infrastructure and using technology, product innovation and customer loyalty initiatives to drive growth across established and emerging markets.
