Bain Capital buys Gong cha bubble tea chain

Bain Capital buys Gong cha bubble tea chain

Aneurin Canham-Clyne

Wed, August 5, 2026 at 5:01 PM GMT+3 2 min read

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Dive Brief:

• Bain Capital is buying Gong cha from TA Associates, a private equity firm that purchased the bubble tea chain in 2019, according to a Wednesday press release.

• The terms of the transaction were not disclosed, but the deal is expected to close in the fourth quarter.

• Gong cha has about 2,200 locations worldwide, including roughly 240 in the U.S. as of March. The chain recently acquired 170 stores from its U.S. master franchisee to strengthen its American operations.

Dive Insight:

Last month, Gong cha signed its largest direct franchising deal ever — a 50-store agreement in Texas — as part of its push to eventually reach 1,000 U.S. units.

The brand also recently redesigned its store layouts and added an automated drinks maker as part of its Gong cha 2.0 rollout. That kitchen system, which Gong cha said can shave up to a minute off ticket times, is currently live in 250 stores, according to the press release.

These factors have helped the brand establish "a distinctive and globally recognized brand with a loyal customer base and franchisee economics that are among the strongest in the sector," Naofumi Nishi, a partner at Bain Capital said in a statement, adding that the e brand has substantial room to grow both in the Asia-Pacific region and in the Americas.

The chain recently overhauled its North American supply chain to help standardize its operations as part of a shift from master franchising agreements to direct franchising relations with operators.

Bain Capital is an occasional restaurant acquirer: The private equity giant bought Fogo de Chão in 2023 and backed a clique of investment firms that purchased California Pizza Kitchen last year.

Last year saw a significant degree of mergers and acquisitions activity, including purchases by private equity. Last August, Freeman Spogli bought Philz Coffee; TriArtisan Capital led the acquisition of Denny's in November; and private equity firms increased their purchases of restaurant franchisees. Overall M&A activity has continued into 2026. LongRange Capital is buying Pizza Hut's non-China business for $1.5 billion, Nestlé sold Blue Bottle Coffee to Centurium Capital and Roark Capital sold Nothing Bundt Cakes to KKR for $2 billion.

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