Allegro backs Australia's Questas

Allegro is investing via its third fund, which closed at A$390 million ($268 million) in late 2017, including a A$100 million sidecar. The fund typically invests in a range of A$10-50 million, with the sidecar contributing in deals at the higher end of the spectrum. The Questas investment represents the first deployment of the sidecar. 

Questas operates as a network of 11 diversified industrial services providers with a nationwide footprint. Allegro plans to help the company accelerate its acquisition agenda, with a view to consolidating the fragmented local industrial services sector. The GP has made a number of investments in this space historically, including Terrex Seismic and JSW Australia.

“We’ve established a strong position in our sectors and now with additional capital and Allegro’s well-developed integration processes we can take the business to the next level,” Kede Carboni, founder of Questas, said in a statement. “Allegro’s proven and repeatable approach appealed to me and will no doubt appeal to other industry participants either looking to sell to or partner with the Questas Group.”

Founded in 1996, Questas positions itself as one of Australia’s largest independent hydraulics and water companies. It maintains a head office outside of Sydney and a dedicated manufacturing facility in nearby Newcastle. Its brands include Berendsen Fluid Power, The Hydraulic Warehouse, CCA Hardchrome, Dynamics, Malcolm Thompson Pumps, Stalker Pumps, Southern Cross Darwin, and EPG Engines.

Allegro claims to have more than A$1 billion of funds under management focused on Australasian turnaround opportunities that leverage in-house operational strengths. Questas is the third transaction by Fund III, following investments in New Zealand footwear retailer Ngahuia Group, and Australian higher education provider Endeavour Learning Group. Financial terms were not disclosed.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Australasia
• Industrials
• Expansion
• Australia
• Allegro Funds
• resources
• Agriculture