Bain Capital set to acquire Gong Cha

Photo courtesy of Bain Capital

According to the announcement on August 6, Gong cha, which is known around the world of its high quality, freshly brewed whole leaf tea made with premium ingredients, operates nearly 2,200 stores across 33 markets, with leading positions in key markets across Asia-Pacific including Japan, South Korea and Australia, alongside a growing presence across the Americas and Europe.

The company deploys a capital-light franchise model, underpinned by its Gong cha 2.0 “Digital Kitchen” – its flexible store blueprint centred around its innovative drinks dispensing technology, and serves more than 150 million beverages annually to customers.

Bain Capital will work closely with Gong cha’s highly experienced management team to support the company’s next phase of growth while keeping operational excellence, and customer experience that have underpinned the brand's success.

This will focus on continuing the company’s disciplined store expansion programme in Japan and Korea, where the brand has built a highly loyal customer base and established strong brand recognition, while accelerating its growth in the US, where Gong cha’s direct franchising model and contracted pipeline provide a multi-year runway for unit growth. Alongside this, the company will focus on deepening customer engagement through product innovation, digital marketing, and loyalty initiatives.

Bain Capital brings extensive experience in the global consumer, retail, and restaurant sectors to the partnership, including investments in Domino’s Pizza Japan, Skylark, York Holdings, Fogo de Chão, Sizzling Platter, Gail’s and Retail Zoo. The firm’s hands-on operational approach has supported franchise businesses across store development, franchisee recruitment, marketing, and supply chain efficiency.

“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. The management team’s disciplined approach to store expansion has created a strong platform with significant room to grow across Asia-Pacific, including in Japan, and the Americas. We look forward to partnering with the team to support the next phase of the Group’s growth and continuing to develop its operations and marketing, which has been fundamental to its success to date,” said Naofumi Nishi, a partner at Bain Capital.

“We are grateful to TA for its partnership and shared commitment to Gong cha’s long-term success” said Paul Reynish, Global CEO of Gong cha. “TA’s investment has been instrumental in supporting our global expansion and the continued development of our business model. As we begin this next chapter with Bain Capital, we look forward to building on this momentum and bringing more high-quality whole leaf tea to consumers around the world.”

Edward Sippel, managing director at TA, said, “Gong cha is an excellent business with a talented leadership team and strong foundation for continued growth. We’re proud of what the team has accomplished and look forward to watching the company’s next chapter unfold,”

The financial terms of the transaction were not disclosed. The deal is expected to close in the fourth quarter of 2026, subject to customary closing conditions.

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