Bain Capital has acquired the global bubble tea chain Gong cha from U.S.-based private equity firm TA Associates. MBK Partners, one of Asia’s largest private equity firms, withdrew its bid amid growing regulatory scrutiny in South Korea following the collapse of its portfolio company Homeplus, the country’s second-largest supermarket chain by market share. Homeplus secured 200 billion won ($141 million) in emergency funding after seeking court-led rehabilitation. Gong cha operates more than 2,200 stores worldwide, including in the U.S. and Central America. Bain Capital plans to continue expanding the brand in Japan, South Korea and accelerate growth in the U.S.
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