Carlyle to acquire 'significant minority stake' in Quest Global

Global investment firm Carlyle and Quest Global, one of the world’s leading engineering services firms, on Tuesday said that they have reached a definitive partnership agreement whereby Carlyle will be acquiring a "significant minority stake" in the company. 

According to a joint press release by the companies, equity for this transaction will come from funds managed and advised by entities affiliated with Carlyle Asia Partners. 

The Economic Times reported, earlier on Tuesday, Carlyle Group will acquire a 28% stake in the engineering and R&D services provider for $500 million.

As part of this transaction, current investors Bain Capital and Advent International will exit, meanwhile, Quest Global will repurchase its company shares and Ajit Prabhu, Chairman and CEO of Quest Global, will acquire an additional stake in the company.

Amit Jain, Managing Director and Head of Carlyle India Advisors, said: “We have known Ajit for two decades and we believe he has demonstrated visionary leadership over these years. Carlyle was the first early-stage private equity investor in Quest Global and we are proud to partner again. We believe the company’s undivided client centricity, drive for engineering excellence, differentiated global delivery model and the entrepreneurial energy of the management team have enabled it to scale successfully across a diverse set of industry verticals.”

“Looking ahead, our view is that Quest Global is well-poised to benefit from the growing focus on product innovation, digital engineering, embedded systems, increased outsourcing and disruptive technology advancements across industries. We look forward to working closely with Quest Global's management team while leveraging Carlyle’s deep sector expertise and global network to help the company expand its global leadership in the ER&D space,” he added.

Meanwhile the Chairman and CEO of Quest Global, Ajit Prabhu said: “At Quest Global, we believe engineering has the unique opportunity to solve the problems of today that stand in the way of tomorrow – to create a brighter future. It was a great value-added partnership with Carlyle the first time around, and I look forward to working with Carlyle again, to propel us in the journey ahead. Together, I am confident we will deliver on our mutual commitment to provide cutting edge engineering solutions to our clients around the world, while preserving our entrepreneurial culture.” 

“We are thankful for the partnership of Bain and Advent for their instrumental role in advancing the company’s purpose and growth trajectory. Their strategic insights and unwavering support have been invaluable,” added Prabhu.

Established over 25 years ago and headquartered in Singapore, Quest Global is a leading global player in engineering, research and development services for the design, product development and operations of complex engineering systems. It currently has a multi-disciplinary team of over 17,500 engineers, across 67 delivery centers and offices, in 17 countries globally, that is dedicated to helping solve its clients’ engineering challenges better and faster.

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