Over 2,000 Stores Across 30 Countries! U.S. Firm Acquires Taiwan's Iconic Bubble Tea Brand for $202 Million

U.S. investment firm Bain Capital and private equity firm TA Associates officially announced today (5th) that they have reached a final equity acquisition agreement. Bain Capital will acquire a controlling stake in Taiwan-based bubble tea chain brand Gong cha for over $635 million (approximately NT$20.22475 billion).

With the global tea beverage market continuing to expand, research institutions project the market will grow from $56.26 billion in 2025 to $73.78 billion in 2030. Gong cha's management team hopes to leverage Bain Capital’s past experience in investing in and operating restaurant chains, as well as its digital marketing capabilities, to further expand its store networks in Japan and South Korea and accelerate its expansion in the U.S. market.

Multiple investment funds participated in the bidding process, which was highly competitive. According to Nikkei Asia's report on the 5th, Bain Capital ultimately secured the preferred purchasing rights and emerged victorious.

Bain Capital has reached a final agreement with existing shareholders, including TA Associates, and the equity transaction is expected to be formally completed by the end of 2026. Bain Capital has a strong track record in restaurant chain investments, most notably its investment in Domino's Pizza Japan.

Founded in Kaohsiung, Taiwan in 2006, Gong cha rapidly built brand recognition through its pearl milk tea products. It now operates over 2,000 stores across approximately 30 countries, with locations spanning Asia, North America, and Europe.

Gong cha's ownership has changed hands several times during its development:

- 2014: Japanese private equity fund Unison Capital acquired Gong cha's Korean operations and began leading the brand’s global expansion strategy. - 2019: U.S. private equity firm TA Associates officially invested in Gong cha.

According to Gong cha’s publicly disclosed financial statements, the group’s 2024 revenue grew 6% to $188.8 million, while operating profit more than doubled to $23.7 million. By regional market, Japan is expected to become Gong cha’s largest single-country revenue source this year.

Authoritative research institutions such as Global Information report that the global tea beverage market is projected to grow from $56.26 billion in 2025 to $73.78 billion in 2030, representing a total growth of approximately 30%.

According to reports from the Central News Agency, Gong cha stated that following Bain Capital’s acquisition, it will introduce advanced expertise and digital marketing tools to solidify its highly loyal customer base in Japan and South Korea, while concentrating operational resources on the U.S. market for large-scale store expansion.