ChrysCapital, True North and Others Invest $ 150 Million in QuEST Global for Minority Stake
Local private equity players ChrysCapital and True North Managers LLP and others have invested approximately $ 150 million for a minority stake in QuEST Global, a Singapore-based lifecycle services and engineering solutions company .
“PE players as well as other institutional investors have completed the purchase of part of the shares held by the co-founders and management team of QuEST,” the company said in a statement.
Existing investors Bain Capital, Advent and GIC remain invested, he added.
The latest transaction values the company at $ 1.8 billion.
“ChrysCapital has a strong track record of over 20 investments in the technology services sector, which is an integral part of our portfolio across funds,” said Sudip Nandy, Senior Advisor, Enhancin, ChrysCapital.
Ajit Prabhu, Chairman and CEO of QuEST Global, said: “Our goal will be to develop capabilities in the high tech, software and digital segments as well as other industries and to help our customers solve their problems. engineering challenges.
O3 Capital acted as sole financial advisor in connection with the transaction.
ChrysCapital also recently decided to sell its stake in Infogain Co., a Silicon Valley-based digital services and software provider.
Singapore-based QuEST was co-founded in Bengaluru by Prabhu and Aravind Melligeri in 1997.
It is a global provider of engineering solutions for companies in sectors such as aerospace and defense, high technology and industry, medical devices, oil and gas, energy and transportation. .
The Quest group consists of QuEST Global Engineering, Quality Engineering and Software Technologies, Exilant Technologies, Mobiliya Technologies, QuEST Global Engineering Services, Synapse Design Inc.
QuEST employs more than 11,000 people, of whom approximately 7,000 are located at its nine centers in India.
The company had raised $ 6 million from the Carlyle growth fund in 2003. The promoters bought the stake four years later, backed by a line of credit from ICICI bank.
In 2016, US private equity firm Bain Capital, Singaporean sovereign wealth fund GIC Pte and US private equity firm Advent International invested $ 350 million (Rs 2,400 crore) to acquire minority stakes in QuEST from US private equity firm Warburg Pincus and other existing shareholders.
Three years ago, QuEST made around four global acquisitions, including Munich-based Detech Fahrzeugentwicklung, Romania-based IT Six Global Services and Singapore-based Mobiliya Technologies.
In 2018, he also acquired information technology company Exilant Technologies Pvt. Ltd for an undisclosed amount.
Homegrown ChrysCapital, founded in 1999, is one of the largest and most established India-focused investment firms. It has raised $ 4 billion in eight funds and is currently investing in its eighth fund of $ 900 million. The company has made over $ 5.6 billion on more than 70 full outings and has fully monetized five successive funds.
In addition to Infogain Co, the PE company has expanded its investments in pharmaceutical, agricultural and consumer products companies such as companies such as Corona Remedies, Safex Chemicals and WOW Skin Science India.
In a similar space to QuEST, Chryscapital reinvested last year in automotive engineering and mobility software company KPIT Technologies Ltd to take a 2.84% stake.
The True North
Meanwhile, Mumbai-based private equity firm True North has so far launched six separate investment funds with a combined body of $ 3 billion, including co-investments. It typically invests in consumer, pharmaceutical and financial services companies.
Earlier this year, he signed a definitive deal with Anthem Biosciences Pvt Ltd, based in Bengaluru, to acquire a minority stake.
In February, True North recruited Kapil Singhal, a former CEO of KKR, to lead its credit platform.
Until last year, its sixth fund had invested in Max Bupa Health Insurance Co., acquired the gynecology business of Glenmark, Zydus Wellness and a controlling stake in Shree Digvijay Cement Co. Ltd. Its other investments include Fedbank Financial Services Ltd. Its other investments include subsidiary of the biotechnology company Biocon.