Bain Capital acquires Gong cha to accelerate global expansion of bubble tea brand

UK – Bain Capital has agreed to acquire Gong cha Global, one of the world’s fastest-growing tea brands, in a move aimed at accelerating the company’s international expansion and strengthening its position in key markets across Asia and North America. 

Founded in Taiwan in 2006 and now headquartered in the United Kingdom, Gong cha has built a strong international presence through its bubble tea offerings and extensive franchise network.  

The company currently operates more than 2,000 stores across approximately 30 countries and territories and serves more than 150 million beverages each year. 

The company has adopted a capital-light franchise model supported by its Gong cha 2.0 Digital Kitchen platform, which incorporates advanced beverage-dispensing technology and flexible store designs. 

Following the completion of the transaction, Bain Capital said it would work closely with Gong cha’s management team to support the next stage of the company’s growth while maintaining the operational standards and customer experience that have driven the brand’s expansion. 

The strategy will focus on expanding operations in Japan and South Korea, where the brand has already established a loyal customer base, while accelerating growth in the United States through its direct franchising model and an established development pipeline. 

Bain Capital brings extensive experience in the global consumer and restaurant sectors, having invested in businesses including Domino’s Pizza Japan, Fogo de Chão, Skylark, Gail’s and Retail Zoo. 

Naofumi Nishi, a partner at Bain Capital, highlighted the company’s confidence in the tea chain’s long-term prospects. 

“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,” Nishi said. 

“The management team’s disciplined approach to store expansion has created a strong platform with significant room to grow across 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.” 

Gong cha chief executive officer Paul Reynish also acknowledged the contribution of the company’s previous investor, TA Associates. 

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

“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.” 

Financial terms of the agreement were not disclosed. The transaction is expected to be completed during the fourth quarter of 2026, subject to customary regulatory approvals and closing conditions. 

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