ChrysCapital, True North join $150m Quest Global deal

The two private equity firms and other institutional investors – who have not been named – took out shares held by Quest’s co-founders and management. Bain Capital, Advent International, and GIC retained their interests in the company.

They backed Quest more than five years ago, contributing $350 million for a minority stake at a post-deal valuation of approximately $1 billion. Bain, Advent, and GIC’s arrival facilitated an exit for Warburg Pincus, which had first invested in the company in 2010.

Founded in 1997, Quest supports the product development and engineering needs of companies focused on aerospace and defense, automotive, energy, high-end technology, medical devices, rail, and semiconductors. It has more than 11,250 staff across 54 delivery centers in 13 countries.

The company claims to have helped customers create new products, open new market opportunities, and operate at maximum efficiency as COVID-19 accelerates digital transformation, prompting businesses to invest heavily in digital solutions.

“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,” said Sudip Nandy, a senior advisor to ChrysCapital’s Ehancin value creation unit, in a statement.

O3 Capital acted as the sole financial advisor on the latest transaction.

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• Topics
• South Asia
• Technology
• Support services
• Expansion
• India
• professional services
• Growth capital
• ChrysCapital Management
• True North