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Dive Brief:
- Bain Capital is buying Gong cha from TA Associates, a private equity firm that purchased the bubble tea chain in 2019, according to a Wednesday press release.
- The terms of the transaction were not disclosed, but the deal is expected to close in the fourth quarter.
- Gong cha has about 2,200 locations worldwide, including roughly 240 in the U.S. as of March. The chain recently acquired 170 stores from its U.S. master franchisee to strengthen its American operations.
Dive Insight:
Editor’s note: This story is developing and will be updated.
