US investment firm Bain Capital has reached a definitive agreement to acquire Gong cha Global, the company behind the global expansion of the Taiwan-born bubble milk tea chain “Gong cha.” The acquisition value is expected to exceed ¥100 billion, with the transaction scheduled to be completed by the end of the year.
US investment firm Bain Capital has reached a definitive agreement to acquire Gong cha Global (London), which operates Gong cha, a Taiwan-born specialty tea chain. The acquisition value is expected to exceed ¥100 billion, with Bain purchasing shares held by TA Associates and others.
The transaction is expected to be completed by the end of the year, and Bain and TA Associates have announced their definitive agreement. Multiple investment funds and restaurant companies had submitted acquisition proposals, but Bain was reportedly granted preferred negotiating rights.
The acquisition is viewed as part of a strategy to expand Gong cha’s store network in Japan, South Korea and the US, centered on the brand’s Taiwanese heritage. Attention will focus on the progress of the formal procedures going forward.