Global bubble tea chain Gong cha has been snapped up by US private equity firm Bain Capital in a deal reportedly worth more than $US635 million ($900m). Founded in Taiwan in 2006 and now headquartered in the UK, Gong cha operates nearly 2200 stores across 33 markets. It is Australia’s biggest bubble tea chain by store count, with more than 170 outlets serving more than 15 million drinks a year. Gong cha global chief executive Paul Reynish said TA’s investment had been instrumental in supporting the brand’s global expansion and the continued development of its business model. Gong cha competes with chains like Chatime, Presotea, King Tea, T4, as well as independent players across the country.