Transaction:
- Quest Global, a product engineering and lifecycle services company, announced that Chrys Capital, True North Managers LLP, and other institutional investors have purchased minority stake in the company for approximately US $150 million.
Quest Global:
- Founded in 1997 by Ajit Prabhu and Aravind Melligeri in New York, Quest Global is a global product engineering and lifecycle services partner to many recognized companies in aero engines, hi-tech, aerospace & defense, transportation (auto and rail), power and industrial, oil & gas and medical devices industries.
- It provides engineering services, engineering research & development (ER&D) services, PES and outsourced product development services.
- It has presence in 13 countries, has 56 global delivery centers and has around 11,250+ personnel.
About Investors:
- Established in 1999, Chrys Capital is an India focused investment firm with approximately $4 billion of assets under management across eight funds.
- True North is a boutique investment bank founded in 2009 by a group of senior bankers to provide middle-market financial advisory services.
- Existing investors of Quest Global are Bain Capital, Advent and GIC.
Rationale:
- Chrys Capital commented that Quest, a player in the engineering services space, has consistently outperformed its peers and is a core engineering partner to most of the top global firms.
- According to the investors, 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.
- As per Quest Global Chairman and CEO Ajit Prabhu, as the industrial world bounces back into pre-pandemic days, enterprises would need help from companies like Quest to bridge the gap between the industrial and digital world and rebuild the lost traction.
- He further added that company’s focus will be to develop capabilities in hi-tech, software, digital segments along with other industries and help its customers solve their engineering challenges.
Acknowledgements:
RBI Bulletin (www.bulletin.rbi.org.in), SEBI (www.sebi.gov.in), NSE (www.nseindia.com), BSE (www.bseindia.com)
Disclaimer:
This material has been prepared by the personnel in Vora Corporate Finance which is Investment Banking arm of Vora Management Consultancy Private Limited and looks after Mergers & Acquisitions (M&A), Private Equity (PE), Fund Raising, Debt syndication and Valuations and is based out of Ahmedabad, Gujarat, India. Any views or opinions expressed herein are solely that of individual authors and may differ from view of Vora Management Consultancy Private Limited. This material is proprietary to Vora Management Consultancy Private Limited and is for your personal use only. Any distribution, copy, reprints or forward to others is strictly prohibited.
This material captures the information based on information available in the public domain, public announcements and sources believed to be reliable. Analysis contained herein is based on publicly available information and appropriate assumptions. This material is intended merely to highlight market developments and is not intended to be comprehensive and does not constitute strategic, investment, legal or tax advice. In no event Vora Management Consultancy Private Limited be liable for any use by any party or for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you for evaluating any transaction.
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