BENGALURU (Aug 6): Bain Capital said on Thursday that it will acquire bubble tea chain Gong cha from TA Associates and other shareholders, extending the US private equity firm's push into food and beverage investments.

Bain Capital did not disclose the value or terms. Reuters reported in May, citing sources, that the sale could fetch as much as US$2 billion.

The transaction is expected to close in the fourth quarter of 2026.

Gong cha sells milk tea, ​fruit tea and ​other cold drinks ⁠through nearly 2,200 stores across 33 markets, with a strong presence in Japan, Australia and South Korea.

TA Associates, ​which focuses on growth opportunities, invested in Gong cha in 2019, its website shows.

Bain Capital's current food and restaurant investments include Domino's Pizza Japan, Brazilian steakhouse chain Fogo de Chão and restaurant franchise operator Sizzling Platter.

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