US investment firm Bain Capital said in early August 2026 that it had agreed to acquire Gong cha, one of the largest international bubble tea brands, from private equity firm TA Associates. Financial media put the deal at more than $635 million, though the parties did not disclose terms.
Gong cha runs nearly 2,200 tea shops across 33 markets, with strong positions in Japan, South Korea and Australia and a growing footprint in the Americas and Europe. The new owners say they will continue expanding in Asia and accelerate growth in the United States, where the brand operates on a franchise model. The transaction is expected to close in the fourth quarter of 2026.
The appetite of large funds for bubble tea shows how mature the category has become, built around black and green tea with milk and tapioca pearls. At Premium Tea we stick to loose-leaf tea, but we follow how the global market for tea-based drinks evolves.
Source: Korea JoongAng Daily