Why TA Associates could be brewing a $2bn bubble tea sale

The private equity firm is reportedly seeking a sizeable return on its 2019 acquisition of Gong cha. From competition in East Asia, growing pains in Europe and lucrative opportunities in the Americas, here are the reasons behind the move

Private equity firm TA Associates is reportedly seeking a highly profitable exit from Taiwanese bubble tea chain Gong cha.

Boston-based TA Associates has doubled Gong cha’s global presence since acquiring the business for $288m in 2019 – scaling it from 1,100 stores across 17 markets to 2,200 across 33 via strategic franchise partnerships. It is the third-largest bubble tea chain in the world after fellow Taiwanese brands CoCo Fresh Tea & Juice and Chatime.