Private equity firm TA Associates is exploring the sale of bubble-tea chain Gong cha, potentially valuing the company at $2 billion, according to sources familiar with the matter. The Boston-based firm has enlisted JPMorgan Chase to advise on the potential transaction, though deliberations remain at an early stage with no final decision made.

TA Associates invested in Gong cha in 2019, when the Taiwan-founded chain operated a fraction of its current footprint. The company has since expanded to more than 2,000 outlets across 23 countries, offering various teas and smoothies. This growth trajectory has positioned Gong cha as a major player in the global bubble-tea market, which has seen surging popularity in recent years.

The potential sale comes as TA Associates evaluates its portfolio amid a challenging market for private equity exits. The firm specializes in five target industries including consumer businesses, making Gong cha a strategic fit within its investment strategy. While TA declined to comment on the deliberations, the involvement of a major bank like JPMorgan suggests serious consideration of a sale.