At what enterprise value was GONG CHA GROUP acquired in 2026?

During the acquisition of GONG CHA GROUP by BAIN CAPITAL in 2026, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 500M - 1.5b USD. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Retail & Consumer industry currently tracks an average EBITDA multiple of 10.9x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of GONG CHA GROUP when it was acquired by BAIN CAPITAL?

The estimated EV/EBITDA multiple for GONG CHA GROUP is in the range of 5x - 12x. For comparison, the Retail & Consumer sector currently shows an average EBITDA multiple of 10.9x. Join our community for free to access full valuation data and industry trends.

When was GONG CHA GROUP acquired by BAIN CAPITAL?

GONG CHA GROUP was acquired by BAIN CAPITAL in 2026.

What was the revenue of GONG CHA GROUP at the time of the deal?

The revenue of GONG CHA GROUP at the time of the deal is estimated to be in the range of 150M - 250M USD. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of GONG CHA GROUP during the acquisition?

GONG CHA GROUP's EBITDA is estimated to be in the range of 50M - 100M USD. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the GONG CHA GROUP acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the GONG CHA GROUP deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.baincapital.com/news/bain-capital-acquire-gong-cha-one-worlds-fastest-growing-tea-brands-ta-associates

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Home Database Retail & ConsumerGONG CHA GROUP

08/2026

BAIN CAPITAL takes majority stake in GONG CHA GROUP

TAIWAN Hospitality & Leisure / Hospitality / Restaurants / Chains EV 500M - 1.5b USD

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 LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Retail & Consumer sector (10.9x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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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.

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Other operations with GONG CHA GROUP

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
08/2019	TA ASSOCIATES	GONG CHA GROUP	TAIWAN	Hospitality & Leisure	The transaction involves a strategic growth investment by TA Associates in Gong Cha Group, with participation from the founders of Gong Cha Korea. This move represents a significant platform investment in the global consumer beverage space, supported by a unitranche debt financing package from Partners Group that includes an equity kicker. The strategic rationale is underpinned by the desire to accelerate the brand’s expansion into new and existing international markets, leveraging the acquirer’s deep global resources and long history of building value in franchised retail models

REFERENCES

Valuation range: EV 500M - 1.5b USD

Revenue range: 150M - 250M USD

EBITDA range: 50M - 100M USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of GONG CHA GROUP by BAIN CAPITAL are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: gong cha group

Acquirer: bain capital