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FrontRow · Aug 6, 2026

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Bain Capital won a battle to buy a global bubble tea chain as one of its top rivals remains under scrutiny from South Korean regulators. Bain on Thursday announced it has agreed to acquire Gong cha from U.S.-based private equity firm TA Associates. MBK Partners, one of the largest private equity firms in Asia, was among the bidders for the chain and had been seeking a Korean private equity partner for a joint bid, according to communications seen by CNBC. Under the proposed structure, MBK was to acquire Gong cha's Japan business, while its partner was to take over the company's South Korean operations, according to two people familiar with the matter said. But MBK's bid came as the private equity firm faced mounting regulatory scrutiny in South Korea following the collapse of its portfolio company Homeplus, once the country's second-largest supermarket chain by market share, according to a person familiar with the matter. The heightened regulatory pressure made it difficult for MBK to secure the deal on its own, given Gong cha's significant operations in South Korea, the person added.

Bain Capital won a battle to buy a global bubble tea chain as one of its top rivals remains under scrutiny from South Korean regulators. Bain on Thursday announced it has agreed to acquire Gong cha from U.S.-based private equity firm TA Associates. MBK Partners, one of the largest private equity firms in Asia, was among the bidders for the chain and had been seeking a Korean private equity partner for a joint bid, according to communications seen by CNBC. Under the proposed structure, MBK was to acquire Gong cha's Japan business, while its partner was to take over the company's South Korean operations, according to two people familiar with the matter said. But MBK's bid came as the private equity firm faced mounting regulatory scrutiny in South Korea following the collapse of its portfolio company Homeplus, once the country's second-largest supermarket chain by market share, according to a person familiar with the matter. The heightened regulatory pressure made it difficult for MBK to secure the deal on its own, given Gong cha's significant operations in South Korea, the person added.

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