<article>Private equity firm <a href="https://www.dealstreetasia.com/tag/ta-associates/">TA Associates</a> has announced an unspecified investment in Taiwanese bubble and milk tea company Gong Cha Group.
The founders of Gong Cha Korea will participate in the transaction with TA Associates, it said.</article>

Private equity firm <a href="https://www.dealstreetasia.com/tag/ta-associates/">TA Associates</a> has announced an unspecified investment in Taiwanese bubble and milk tea company Gong Cha Group.
The founders of Gong Cha Korea will participate in the transaction with TA Associates, it said.
The investment firm expects to close the transaction in early October. It typically invests $75-500 million in its portfolio companies.
Gong Cha’s main offering, Taiwanese-style bubble tea, is sweet milk tea infused with pearl-shaped tapioca. Founded in 2006 in Taiwan, it currently has more than 1,000 franchised stores in 17 countries, including Korea, Japan, Taiwan, the Philippines, Malaysia, Mexico, Australia, Canada, the UK and the US.
Peter Rodwell, who led McDonald’s expansion across Asia-Pacific and the Middle East, will join Gong Cha as executive chairman as part of the deal.
Edward Sippel, co-head of Asia operations at TA Associates Asia Pacific, said Gong Cha is already a profitable global business, and the investment will help the company grow its brand in both existing and new markets.
“The global tea market has enjoyed steady growth over the past several years, and milk tea, including bubble tea, remains a staple beverage across Asia and increasingly around the world. Globally, the tea market is estimated to be larger than that of coffee,” said Michael Berk, a managing director at TA Associates.
The private equity firm, which closed its eighth fund at $8.5 billion, acquired a significant minority investment in India-based infertility treatment provider Indira IVF earlier in 2019. This year, the firm also roped in Andrew Tay from <a href="https://www.dealstreetasia.com/tag/baring-private-equity-asia/">Baring Private Equity Asia</a> to join its Asia Pacific team as a senior vice president in the Hong Kong office.
TA Associates has raised a total of $32.5 billion in capital since its inception in 1968 and is committing to new investments at the pace of over $2 billion per year.

TH Capital, previously investment arm of Tsinghua Holdings, held final close for 3rd industrial fund at $432 million, exceeding its target of $288 million.

TA Associates invests in Taiwanese bubble tea brand Gong Cha

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

TA Associates invests in Taiwanese bubble tea brand Gong Cha

Continue reading this premium story with a subscription to DealStreetAsia.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief