Bain Capital to Buy Taiwan’s Gong Cha Bubble Tea Chain for $635 M

American private‑equity firm Bain Capital has confirmed it will acquire the Taiwanese bubble‑tea chain Gong Cha from TA Associates and other shareholders for a reported price of more than US$635 million (about NT$202 billion). The deal, which is expected to close by the end of the year, follows earlier ownership changes, including a 2014 purchase of the Korean business by Japan’s Unison Capital and a 2019 investment by TA Associates.

Gong Cha operates over 2,200 stores in 33 markets, generated US$188.8 million in revenue and US$23.7 million in operating profit in 2024, and saw a 6% revenue increase year‑on‑year. Bain Capital plans to leverage its digital‑marketing expertise to expand the brand further in Japan, South Korea and the United States. Bain’s partner Naofumi Nishi said the brand’s “disciplined approach to expansion will continue,” while Gong Cha CEO Paul Reynish expressed gratitude to TA Associates and optimism for the next growth phase.