Global investors buy minority stake in QuEST Global
Maryam FaragGeneral Manufacturing business operations Economy manufacturer manufacturing
QuEST Global, a product engineering and lifecycle services company, announced that global investors – ChrysCapital, True North Managers LLP, and other institutional investors – have invested a total of approximately US$150 million to purchase minority stakes in the company.
The investors have completed the purchase of a portion of the shares held by the co-founders and management team of QuEST. The existing investors – Bain Capital, Advent, and GIC, continue to remain invested. O3 Capital acted as the sole financial advisor to the transaction.
“QuEST is one of the top five players in the pure-play ER&D space and has built unique and deep expertise in an industry that is undergoing unprecedented digital disruption. As a leader in the engineering services space, QuEST has been offering strategic services to its customers rather than just a scale or merely cost differential. We were very impressed by the depth of engineering expertise and the diverse industries and emerging technologies in which QuEST is helping customers. We believe the ER&D space will continue to see significant growth and innovation in the years ahead, and we look forward to working with QuEST’s management team to capture these opportunities,” said Prasad Thrikutam, Partner, True North.
“We started QuEST with the vision of becoming the most recognized and trusted global engineering partner for our customers across industries. The investment by three of the most respected global investors, despite the ongoing pandemic crisis, is a testament to our ability to build and grow our business to become the most trusted thinking partner to customers. It also crystallizes the value we have created for our shareholders and employees who have placed their belief in us and partnered with us in this journey.” said Ajit Prabhu, Chairman & CEO, QuEST Global.
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