Swiss private markets firm Partners Group has agreed to sell its credit stake in Gong cha, a global bubble tea chain, to Bain Capital as TA Associates exits the business. Partners Group provided over $200 million in credit financing in 2019 to support TA Associates' acquisition of Gong cha.
The transaction marks the latest shift in Gong cha's ownership structure, with TA Associates now exiting the company via a sale to Bain Capital. Financial terms of the Bain Capital acquisition were not disclosed. Partners Group confirmed the agreement in a statement on Monday, though no valuation details for its credit stake were provided.
Gong cha operates more than 2,000 locations across Asia, North America and Europe, with a focus on premium tea beverages. The company has expanded rapidly in recent years, supported by private equity backing. TA Associates acquired Gong cha in 2019 with Partners Group's credit investment, which was structured as part of the deal financing.
Partners Group specializes in private market investments, including credit and equity strategies. The firm did not disclose whether it will reinvest in Gong cha or pursue other opportunities following the exit.
