Swiss asset manager Partners Group has exited its Private-Credit position and minority equity stake in Gong cha, the international bubble tea chain. The transaction follows TA Associates' agreement to sell the company to Bain Capital, which Reuters reported could value the deal at up to $2 billion.
Partners Group initially provided a financing package exceeding $200 million in 2019 to support TA Associates' acquisition of Gong cha. The Zug-based firm acted as the sole senior lender while also taking an equity stake. The exit coincides with TA Associates' divestment, allowing Partners Group to liquidate both its debt and minority equity positions.
Gong cha, founded in Taiwan in 1996, has expanded to over 2,200 locations across 33 markets since Partners Group's investment. Annual beverage sales now exceed 150 million units, driven by organic growth and acquisitions, including the acquisition of Master-Franchise rights for 170 U.S. stores. The company also introduced its 'Digital Kitchen' model, leveraging automated systems for drink preparation and service.
Zongwen Tan, Head of Direct Lending Asia at Partners Group, highlighted the chain's strategic alignment with the firm's investment thesis, noting Gong cha's ability to capitalize on growth opportunities while maintaining competitive advantages and experienced leadership. The exit marks another step in Partners Group's withdrawal from Asian Private-Credit markets, where it has operated for 15 years through local teams offering both senior and subordinated direct lending solutions.
