Bain Capital has agreed to acquire Gong cha, the UK-headquartered global bubble tea brand, from TA Associates in a sponsor-to-sponsor transaction.

TA Associates' hold period began in 2019 and has seen Gong cha nearly triple its store base, expand into new geographies, and build the operational infrastructure typically associated with far larger consumer platforms.

Naofumi Nishi, a Partner at Bain Capital, said the operational base built under TA Associates' ownership gave the firm a clear growth pathway to underwrite. "Gong cha has built a distinctive and globally recognized brand with a loyal customer base and franchisee economics that are among the strongest in the sector," he said.