BAIN CAPITAL takes majority stake in GONG CHA GROUP
Context
The change of majority sponsorship from TA Associates to Bain Capital initiates a focused operational scaling era for the specialty tea chain, which at the time of the transaction encompasses nearly 2,200 stores across 33 global markets and delivers over 150 million beverages each year. This transaction highlights a structural evolution across the international tea and ready-to-drink beverage landscape, where institutional investors are reallocating capital toward concepts featuring proven unit economics, resilient franchisee profitability, and dependable supply networks, contrasting with recent high-profile public listings in Greater China. The agreed strategic roadmap balances regional consolidation with targeted white-space expansion. In mature Asia-Pacific strongholds—such as South Korea, Japan, and Australia efforts will center on digital loyalty adoption, customer lifetime value, and menu innovation. Concurrently, the platform will accelerate its contracted unit pipeline across North America using direct franchise agreements. Bain Capital plans to deploy its fast-casual operating capabilities to optimize ingredient sourcing, scale the automated Digital Kitchen infrastructure, and provide robust operational support to regional master franchise partners, including operators executing extensive multi-hundred-store development agreements across the Gulf region.
It is worth noting that the fund Ta Associates took control of Gong Cha Group through an LBO in 2019.
GONG CHA GROUP, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Retail & Consumer sector (11.2x).
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Target
Gong Cha Group is a premier global franchisor and operator specializing in high-quality Taiwanese-style bubble and milk tea. Established in 2006 in Kaohsiung, the company has transformed from a local specialty shop into one of the world's most recognized tea brands, operating more than 1,000 stores across 17 countries. Its business model is primarily franchise-led, utilizing a diverse range of retail formats including urban storefronts, mall-based kiosks, and high-traffic transit locations. The group maintains a strict commitment to quality, sourcing tea from select Taiwanese estates and ensuring fresh brewing cycles every four hours. This focus on premium ingredients and innovation in seasonal tea-based drinks has allowed the firm to capture significant market share in the rapidly expanding global beverage sector. Strategically, the entity benefits from a capital-light model and strong brand equity, positioning it as a leading platform for further consolidation in the fragmented global tea market. Its value proposition is centered on the "tribute tea" heritage, combining traditional artisanal methods with modern, scalable retail operations to serve a diverse, international consumer base.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (USD)
Other operations with GONG CHA GROUP
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 08/2019 | TA ASSOCIATES | GONG CHA GROUP | TAIWAN | Restaurants / Chains |
REFERENCES
Valuation range: EV 500M - 1.5b USD
Revenue range: 150M - 250M USD
EBITDA range: 50M - 100M USD
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: gong cha group
Acquirer: bain capital