Bain Capital has agreed to acquire the bubble tea chain Gong Cha from TA Associates and other investors.
The transaction, which values the brand at an undisclosed amount, is expected to close in the fourth quarter of 2026.
Gong Cha operates nearly 2,200 stores across 33 markets, selling milk tea, fruit tea, and other cold beverages.
The deal marks a significant consolidation in the global specialty beverage sector, as private equity firms increasingly target high-growth consumer brands with strong international footprints.
Bain Capital, known for its investments in technology and consumer sectors, will take full control of the brand, which has seen rapid expansion in Asia and North America.
TA Associates, a Boston-based private equity firm, has been a major shareholder in Gong Cha since its early growth phase.