Operations

Bain Capital to acquire Gong cha Global from TA Associates

Photo: Gong cha

August 6, 2026

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Bain Capital has agreed to acquireGong cha Global, a Taiwan-born tea brand, from TA Associates and other shareholders. Terms of the deal were not disclosed, but the transaction is expected to close in the fourth quarter of 2026, pending customary closing conditions.

Gong cha operates nearly 2,200 stores across 33 markets, with strong positions in Japan, Korea and Australia and an expanding footprint in the Americas and Europe. The chain, founded in 2006 and now headquartered in the United Kingdom, relies on a capital-light franchise model built around its "Gong cha 2.0 Digital Kitchen" store format, which uses proprietary drink-dispensing technology. The company serves more than 150 million beverages a year, according to a company press release.

Boston-based Bain Capital said it plans to work with Gong cha's management team to continue the brand's store-growth strategy in Japan and Korea while accelerating expansion in the U.S., where the company's direct franchising model and existing pipeline offer room for additional units. The firm also plans to invest in product development, digital marketing and loyalty programs.

Naofumi Nishi, a partner at Bain Capital, said in a press release that Gong cha has built a distinctive and globally recognized brand with strong franchisee economics. He added that the company plans to support the brand's next growth phase.

Bain Capital has a track record in the restaurant and consumer sectors, with past or current investments in Domino's Pizza Japan, Skylark, Fogo de Chão, Sizzling Platter, Gail's and Retail Zoo, among others.

Gong cha Global CEO Paul Reynish thanked TA Associates for its role in the company's expansion and said the brand is looking ahead to its next phase with Bain Capital.

Edward Sippel, a managing director at TA, said the firm is proud of what Gong cha's leadership has built and is looking forward to the company's next chapter.

Nomura Securities advised Bain Capital on the deal. J.P. Morgan and NorthPoint advised Gong cha.