Bain Capital acquired Taiwanese bubble tea chain Gong Cha for $635M, taking over from TA Associates with deal expected to close by end-2024. The company operates 2,000+ locations across 30 countries and will leverage Bain's expertise to expand in Japan, South Korea, and the US. Gong Cha achieved $188.8M revenue in 2024 (up 6%) with operating profit doubling, as the global tea market is projected to grow 30% to $73.78B by 2030.