貢茶台灣只剩6間,私募基金卻花6億美元買它?【Tony幫你做功課】 episode artwork

EPISODE · Sep 2, 2026 · 28 MIN

貢茶台灣只剩6間,私募基金卻花6億美元買它?【Tony幫你做功課】

from 電商Tony陳 · host 電商Tony陳

跟另一伴攜手走下去前,不只是甜言蜜語、浪漫送禮,這件事做好準備更重要!預防 HPV 是對彼此「愛情」最基本的尊重和承諾。別讓對健康的傷害變成愛情的阻礙,為彼此主動做好HPV預防才能說是「真愛」。立即諮詢醫師,展現你對愛的承諾。男女1+1 主動防禦HPV(人類乳突病毒) https://fstry.pse.is/9ep42u —— 以上為 Firstory Podcast 廣告 —— 加入會員,支持節目: https://ectony.firstory.io/join留言告訴我你對這一集的想法: https://open.firstory.me/user/ckj5xdvf2dnsa09362y6nxdla/comments🚀|支持《 電商Tony陳 》做更多精采影片:https://www.youtube.com/channel/UCsxd_JDERVC1-HKXt_D3rhw/join貢茶|貝恩資本|私募基金|手搖飲加盟美國私募基金貝恩資本(Bain Capital)宣布收購台灣手搖飲品牌貢茶,金額超過 6.35 億美元,預計 2026 年第四季完成交割。這已經是貢茶第三次被賣掉,而且一次比一次貴——2014 年韓國代理商在 Unison Capital 幫助下反過來買下台灣母公司,2019 年 TA Associates 以 2.88 億美元接手,如今再由貝恩資本third輪加碼。7 年身價翻了一倍多。有趣的是,這個「台灣起家」的品牌,如今全台只剩 6 間門市,佔全球 2200 間的不到千分之三。總部沒有要救它,因為在私募基金眼中,那叫做正確的資源配置。這集我拆解私募基金為什麼獨鍾手搖飲:現金流當天入袋、原料好儲運、出餐可完全標準化;也拆解為什麼是貢茶被買走——創辦人吳振華 2017 年就退場,公司早已由專業經理人操盤,沒有家族、沒有人情世故。更關鍵的是,全球 2200 間門市有 90% 是加盟店,開店的錢加盟主出、租金加盟主付、員工加盟主請,總部真正在賣的商品,是「貢茶」這兩個字的使用權。2025 年營收 2.17 億美元、EBITDA 超過 7000 萬,佔營收三成——這根本不是傳統餐飲的獲利結構,這是一台無情的收租機器。另外也聊了台灣手搖飲品牌的四種死法(清玉、英國藍、廖老大茶坊、橘子工坊),以及「半糖少冰」這套甜度冰量分級到底是誰先做出來的(答案不是 50 嵐)。看完後你會清楚的瞭解:1)貢茶三度轉手的完整脈絡,以及一個澳洲銀行家如何從韓國代理商反吃下台灣總公司2)為什麼私募基金在整個餐飲業裡,唯獨偏愛手搖飲這個品類3)90% 加盟率背後的商業模式:總部賣的不是飲料,是品牌使用權4)為什麼台灣門市只剩 6 間,總部卻完全不打算救5)台灣手搖飲品牌的四種死法:單品爆紅型、供應鏈事故型、流量加盟型、品牌老化型6)「半糖少冰」這套客製化規格的真正源頭,以及它如何被輸出到全世界7)最重要的一題:你的公司能不能沒有你?如果被買走並把你裁掉,它還能不能賺錢我是電商 Tony 陳帶你看懂台灣時事背後的商業邏輯訂閱我,讓我做好的商業功課變成你的成功捷徑- 我的LINE官方帳號:@gogogogo- 我的網站:https://atm70000.com- 我的fb:https://www.facebook.com/atm70000- 我的IG:https://www.instagram.com/atm70000tony- 我的tiktok:https://www.tiktok.com/@atm70000- 捐款資料- 財團法人台東縣私立牧心智能發展中心 地址:950台東縣臺東市民航路21號 電話:089-237121  傳真:089-237075    立案字號:府社福字第1080105162號     統一編號:93859484     劃撥帳號:06649090     戶名:財團法人台東縣私立牧心智能發展中心     牧心信箱:[email protected] 牧心線上捐款:https://bit.ly/3DgpHp7 Powered by Firstory Hosting

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貢茶台灣只剩6間,私募基金卻花6億美元買它?【Tony幫你做功課】

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