HONG KONG | TA Associates has announced that Bain Capital has entered into an agreement to acquire Gong Cha, one of the world’s fastest-growing global tea brands.
Since TA's investment in 2019, Gong Cha has strengthened its position as a global category leader, known worldwide for its high-quality, freshly brewed whole-leaf tea.
Throughout the partnership, TA supported Gong Cha through multiple value creation initiatives, including 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 centred around its innovative drinks dispensing technology, which is now live in 250 stores.
Edward Sippel, Managing Director at TA Associates, said that 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.
Today, Gong Cha operates nearly 2,200 stores in 33 international markets, serving more than 150 million beverages annually. Paul Reynish, Global CEO of Gong Cha, thanked TA for its partnership and shared commitment to Gong Cha’s long-term success.
Naofumi Nishi, a Partner at Bain Capital, added that Gong Cha has built a distinctive, globally recognised brand with a loyal customer base and franchisee economics among the strongest in the sector.
He said that 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.”
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.
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