Bain Capital to acquire Gong Cha from TA Associates as Reuters previously reported up to $2 billion valuation

Bain Capital said it will acquire bubble tea chain Gong Cha from TA Associates and other shareholders, extending the firm's push into food and beverage investments and prevailing over rival bidder MBK Partners. The company did not disclose financial terms, though Reuters reported in May that the sale could fetch as much as $2 billion. The transaction is expected to close in the fourth quarter of 2026. Gong Cha operates more than 2,200 stores worldwide, including in the U.S. and Central America, and holds leading positions in the Asia-Pacific region with a strong footprint in Japan and South Korea. Bain said it plans to continue expanding the brand in Japan and South Korea while accelerating growth in the U.S. MBK had explored a joint bid structure under which it would acquire Gong Cha's Japan business while a partner would take over the South Korean operations, according to communications seen by CNBC and people familiar with the matter. That effort unfolded as MBK faced mounting regulatory scrutiny in South Korea following the collapse of portfolio company Homeplus, a factor that a source familiar with the matter said made it harder for the firm to pursue the acquisition on its own.