Bain Capital closes deal to acquire bubble tea chain Gong cha, with an estimated value of two billion dollars

M&A · Partnership
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Summary · why it matters

Bain Capital has announced the acquisition of Gong cha, a global bubble tea brand, from private equity firm TA Associates. Reuters previously reported, citing sources, that the deal could be worth as much as two billion dollars and is expected to close in the final quarter of this year. Bain Capital said in a statement that it will push forward with expansion in Japan and South Korea, which are key markets for the brand, while accelerating growth in the US market. Gong cha was founded in Taiwan in 2006, is now headquartered in the United Kingdom, and has nearly 2,200 stores across 33 markets. MBK Partners, one of Asia's major private equity firms, had previously submitted a joint bid with a South Korean partner, but the offer faced pressure from South Korean regulators after Homeplus, a portfolio company of MBK Partners, entered court-led rehabilitation proceedings.

Impact on stocks 0

Off-coverage companies 5

Bain CapitalPrivate▲ Positive
Capitalrelevance

Bain Capital acquires Gong cha, expanding its portfolio.

Gong chaPrivate▲ Positive
Capitalrelevance

Gong cha acquired by Bain Capital, enabling expansion.

TA AssociatesPrivate± Mixed
Capitalrelevance

TA Associates sells Gong cha, exiting investment.

MBK PartnersPrivate▼ Negative
Competitionrelevance

MBK's joint bid for Gong cha failed due to regulatory pressure.

HomeplusPrivate▼ Negative
Regulationrelevance

Homeplus's rehabilitation proceedings pressured MBK's bid.

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