Key Takeaways
- • Bain Capital Private Equity has agreed to acquire Gong cha, the global tea brand, from TA Associates, according to a joint announcement issued via Business Wire.
- • Financial terms of the transaction were not disclosed; closing is expected in the fourth quarter of 2026, subject to customary conditions.
- • TA invested in Gong cha in 2019; the brand now operates nearly 2,200 stores across 33 international markets and serves more than 150 million beverages annually.
- • J.P. Morgan and NorthPoint advised Gong cha, while Nomura Securities advised Bain Capital.
Summary
TA Associates, a global private equity firm, announced that Bain Capital Private Equity, LP has entered into an agreement to acquire Gong cha, which the release describes as one of the world's fastest-growing global tea brands. The financial terms of the deal were not disclosed, and the transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions.
During TA's ownership, which began with its 2019 investment, Gong cha pursued several value-creation initiatives. These included its global expansion strategy, the acquisition of its US East and West Coast master franchisee rights, and the rollout of its 2.0 "Digital Kitchen" store blueprint, built around drinks-dispensing technology and now live in 250 stores. The brand currently operates nearly 2,200 stores in 33 international markets and serves more than 150 million beverages annually.
Edward Sippel, Managing Director at TA Associates, said the brand "has built a highly differentiated brand" supported by a strong franchisee network and a whole-leaf tea menu. Paul Reynish, Global CEO of Gong cha, credited TA's investment with supporting the company's global expansion and business model development.
Naofumi Nishi, a Partner at Bain Capital, said the brand's franchisee economics are among the strongest in the sector and pointed to significant room for growth across Asia Pacific, including Japan, and the Americas. Gong cha was founded in Taiwan in 2006 and is now headquartered in the United Kingdom.
J.P. Morgan and NorthPoint acted as financial advisors to Gong cha, and Nomura Securities acted as financial advisor to Bain Capital. TA, which has invested in more than 560 companies since 1968 and has raised $65 billion in capital, described the sale as the conclusion of a period of accelerated growth under its ownership. Bain Capital, which manages approximately $225 billion in assets under management, is among the world's leading private investment firms.
During TA's ownership, which began with its 2019 investment, Gong cha pursued several value-creation initiatives. These included its global expansion strategy, the acquisition of its US East and West Coast master franchisee rights, and the rollout of its 2.0 "Digital Kitchen" store blueprint, built around drinks-dispensing technology and now live in 250 stores. The brand currently operates nearly 2,200 stores in 33 international markets and serves more than 150 million beverages annually.
Edward Sippel, Managing Director at TA Associates, said the brand "has built a highly differentiated brand" supported by a strong franchisee network and a whole-leaf tea menu. Paul Reynish, Global CEO of Gong cha, credited TA's investment with supporting the company's global expansion and business model development.
Naofumi Nishi, a Partner at Bain Capital, said the brand's franchisee economics are among the strongest in the sector and pointed to significant room for growth across Asia Pacific, including Japan, and the Americas. Gong cha was founded in Taiwan in 2006 and is now headquartered in the United Kingdom.
J.P. Morgan and NorthPoint acted as financial advisors to Gong cha, and Nomura Securities acted as financial advisor to Bain Capital. TA, which has invested in more than 560 companies since 1968 and has raised $65 billion in capital, described the sale as the conclusion of a period of accelerated growth under its ownership. Bain Capital, which manages approximately $225 billion in assets under management, is among the world's leading private investment firms.
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