Bain Capital to buy bubble tea chain Gong Cha amid F&B investment push
The sale may fetch up to US$2 billion, a May report indicates, though the US private equity firm did not disclose values
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[BENGALURU] Bain Capital said on Thursday (Aug 6) it will acquire bubble tea chain Gong Cha from TA Associates and other shareholders, extending the US private equity firm’s push into food and beverage investments.
This comes on the back of an announcement by Gong Cha in October 2025 that it will be relaunching in Singapore in 2026 with new franchisees, after news broke that it closed all stores in the city state.
Bain Capital did not disclose the value or terms. Reuters reported in May, citing sources, that the sale could fetch as much as US$2 billion.
The transaction is expected to close in the fourth quarter of 2026.
Gong Cha sells milk tea, fruit tea and other cold drinks through nearly 2,200 stores across 33 markets, with a strong presence in Japan, Australia and South Korea.
TA Associates, which focuses on growth opportunities, invested in Gong cha in 2019, its website shows.
Bain Capital’s current food and restaurant investments include Domino’s Pizza Japan, Brazilian steakhouse chain Fogo de Chão and restaurant franchise operator Sizzling Platter. REUTERS
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