Partners Group exits investment in bubble tea chain Gong cha

Partners Group is exiting its private credit and minority equity investments in the Taiwanese bubble tea chain Gong cha following its acquisition by Bain Capital from TA Associates.

In 2019, Partners Group acted as the sole lender for TA Associates’ acquisition of Gong cha, providing a financing package exceeding $200 million. Since that investment, Gong cha has more than doubled its store count from approximately 1,000 to nearly 2,200 locations across 33 markets. The company now serves over 150 million beverages annually.

Expansion efforts included acquiring master franchise rights for 170 stores in the United States and implementing a ‘Digital Kitchen’ model utilizing automated beverage dispensing technology. While the specific financial details and returns of the exit were not disclosed, previous reports suggested the company's sale could value the brand at as much as $2 billion.