International firms have invested $150 million to purchase minority stakes in QuEST Global.
Leading Global Investors Buy Minority Stakes In Indian Firm
BENGALURU, India — QuEST Global, a global product engineering and lifecycle services company, announced that leading international investors ChrysCapital, True North Managers LLP, and other institutional investors have invested approximately $150 million in purchasing 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.
“ChrysCapital has a strong track record of over 20 investments in the Technology Services sector, which has been an integral part of our portfolio across funds,” said Sudip Nandy, Senior Advisor, ChrysCapital.
“QuEST is one of the leading players in the engineering services space and has consistently outperformed its peers and demonstrated the ability to scale accounts in a fragmented industry by becoming the core engineering partner to most of the top global firms across its target industry verticals.”
“QuEST is one of the top five players in the pure-play ER&D [engineering and research and development] space and has built unique and deep expertise in an industry that is undergoing unprecedented digital disruption,” said Prasad Thrikutam, Partner, True North.
“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 Thrikutam.
“We started QuEST with the vision of becoming the most recognized and trusted global engineering partner for our customers across industries,” said Ajit Prabhu, Chairman and Chief Executive Officer, QuEST Global.
“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.”
Prabhu also said that as the industrial world bounces back into pre-pandemic days, enterprises would need help from QuEST to bridge the gap between the industrial and digital world and rebuild the lost traction.
“Our focus will be to develop capabilities in hi-tech, software, digital segments along with other industries and help our customers solve their engineering challenges,” Prabhu said.
(With inputs from ANI)
Edited by Saptak Datta and Praveen Pramod Tewari