TA Associates (“TA”), a leading global private equity firm, today announced that Bain Capital Private Equity, LP. (“Bain Capital”) has entered into an agreement to acquire Gong cha, one of the world’s fastest-growing global tea brands.
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Since TA's investment in 2019, Gong cha has strengthened its position as a global category leader, known around the world for its high-quality, freshly brewed whole leaf tea. Throughout the partnership, TA supported Gong cha through multiple value creation initiatives, including its global expansion strategy, completion of strategic M&A, such as the recent acquisition of its US East and West Coast master franchisee rights, and the roll-out of Gong cha’s 2.0 “Digital Kitchen” – its flexible store blueprint centered around its innovative drinks dispensing technology, which is now live in 250 stores. Today, Gong cha operates nearly 2,200 stores in 33 international markets, serving more than 150 million beverages annually to customers worldwide.
"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 centered around whole leaf tea that continues to resonate with consumers worldwide," said Edward Sippel, Managing Director at TA Associates. "It has been a privilege to partner with Gong cha’s management team during this period of accelerated growth."
“We are grateful to TA for its partnership and shared commitment to Gong cha’s long-term success,” said Paul Reynish, Global CEO of Gong cha. “TA’s investment has been instrumental in supporting our global expansion and the continued development of our business model. 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.”
“Gong cha has built a distinctive and globally recognized brand with a loyal customer base and franchisee economics that are among the strongest in the sector. 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,” said Naofumi Nishi, a Partner at Bain Capital.
The financial terms of the transaction were not disclosed. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions. J.P. Morgan and NorthPoint acted as Financial Advisors to Gong cha. Nomura Securities acted as Financial Advisor to Bain Capital.
About TA
TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its core sectors, including technology, business services, financial services, and healthcare. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has more than 160 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai, and Hong Kong. Learn more at www.ta.com.
About Gong cha Global
Founded in Taiwan in 2006 and now headquartered in the United Kingdom, Gong cha is one of the world's fastest-growing tea brands. Based on skills and expertise honed over more than two decades, Gong cha is at the cutting edge of the global tea market, serving up high-quality, freshly brewed, hand-crafted beverages made with premium ingredients at nearly 2,200 locations in 33 markets. Product innovation and provenance is central to the Gong cha brand. Only ever using the very best whole leaf tea, Gong cha offers hundreds of beverage combinations which meet a variety of consumer tastes, all at great value. The Group is currently executing an ambitious global expansion strategy that will see the brand both launch into new markets for the first time and expand its footprint in existing markets. For further information, please visit www.gong-cha.co.uk
About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, portfolio companies, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. We have 24 offices on four continents, more than 2,000 employees, and approximately $225 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).
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Contact details:
Media Contacts
TA Associates
Brynn Sandy
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617-646-7703
Gong cha (UK enquiries)
Andy Richards (Hudson Sandler)
[email protected]
+447776135461
Bain Capital
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