Private equity firm TA Associates has made an undisclosed strategic growth investment in Taiwanese tea brand Gong cha Group.

Global private markets investment manager Partners Group provided debt and equity to Gong cha on behalf of its clients to support the transaction through its Private Debt business.

Additionally, the management of Gong cha and the founders of Gong cha Korea and Japan invested in the company alongside TA and Partners Group, as part of the transaction.

TA Associates managing director and TA Associates Asia Pacific Asia operations co-head Edward Sippel said: “We will work closely with management in supporting the Company’s franchise partners and look forward to helping grow the Gong cha brand in new and existing markets.”

Established in 2006 in Kaohsiung, Gong cha offers quality tea, products and freshly brewed tea to its customers.

Currently, the group is present in 17 countries worldwide, including Taiwan, Korea, Japan, the Philippines, Vietnam, Malaysia, Singapore, Mexico, Australia, Canada, the UK and the US. It has more than 1,100 stores.

TA Associates managing director Michael Berk said: “The global tea market has enjoyed steady growth over the past several years, and 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, with continued expected growth. Given these market dynamics, we believe that Gong cha is well-positioned to further expand its presence and brand throughout the world.”

Gong cha existing CEO Euiyeol Kim will continue to lead the company. Peter Rodwell will join as Gong cha executive chairman.

Eikoh Harada will join as chairman, president and CEO of Gong cha Japan.