Bain Capital agreed on 6 August to acquire Gong cha Global, which serves more than 150 million drinks a year through nearly 2,200 stores, from TA Associates and the company's other shareholders.
Why Bain Capital is buying Gong cha Global
Bain said it would support continued store openings in Japan and Korea, where Gong cha has a loyal customer base, and accelerate growth in the United States through its direct franchising model and contracted pipeline. It cited its experience with franchise businesses including Domino's Pizza Japan, Skylark and Gail's.
“Gong cha has built a distinctive and globally recognised brand with a loyal customer base and franchisee economics that are among the strongest in the sector.”
Deal terms and financing
Financial terms were not disclosed. Inside Retail, citing Nikkei, reported a value of more than $635m. Gong cha runs a capital-light franchise model built around its 'Digital Kitchen' store format.
Regulatory approvals and timing
Closing is expected in the fourth quarter of 2026, subject to customary conditions.
Market context
Gong cha was founded in Taiwan in 2006 and is now headquartered in the United Kingdom. Its leading markets include Japan, Korea and Australia, with a growing presence in the Americas and Europe.
