TA Associates Management LP agreed to make a strategic growth investment in South Korean bubble and milk tea brand GongCha Korea Co. Ltd.
The company mainly offers Taiwanese-style bubble tea, which is a milk tea infused with pearl-shaped tapioca, among other seasonal and specialty tea-based drinks.
Peter Rodwell, who led the expansion of McDonald's Corp. in the Asia-Pacific region and the Middle East, will be the company's executive chairman.
The transaction, financial terms of which were not disclosed, is slated to close in early October.
TA Associates targets businesses in the technology, healthcare, financial services, consumer and business services sectors.
