BUSINESS

Bain Capital to Buy Gong cha as Bubble Tea Chain Refocuses Overseas

Published: Aug. 7, 2026 12:33 a.m. GMT+8

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Founded in Taiwan in 2006 and now headquartered in the U.K., Gong cha operates nearly 2,200 stores across 33 markets under an asset-light franchise model. Photo: VCG

U.S. private investment firm Bain Capital has agreed to acquire bubble tea chain Gong cha Global from private equity firm TA Associates and other shareholders.

The deal comes as Gong cha, after exiting the Chinese mainland market in 2024 following a prolonged struggle with trademark disputes and copycats, shifts its focus to overseas markets amid the rapid global expansion of Chinese rivals.

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Explore the story in 30 seconds

Bain Capital acquires Gong cha Global; deal closes Q4 2026.
Gong cha exited China in 2024 due to trademark issues; focuses on overseas markets.
Operates 2,200 stores across 33 markets; plans expansion in Japan, South Korea, U.S.

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Who’s Who

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What Happened When

2006：: Gong cha was founded in Taiwan.

2014：: South Korean private equity firm Unison Capital acquired Gong cha's South Korean operations.

2017：: Unison Capital completed a reverse takeover of Gong cha's Taiwanese parent.

2019：: Unison Capital sold Gong cha to TA Associates for 350 billion won ($288 million).

2024：: Gong cha's operating entity in the Chinese mainland, Gong cha (Shanghai) Catering Management Co. Ltd., was deregistered, and the brand formally withdrew from the mainland market.