ChrysCapital, True North, others pick minority stake in QuEST Global for $150m

Photographer: Munshi Ahmed/Bloomberg

Private equity firms ChrysCapital and True North Managers LLP along with other institutional investors have picked up a minority stake in product engineering and lifecycle services company QuEST Global for $150 million, per an announcement.

The investors have completed the purchase of a portion of the shares held by the co-founders and management team of QuEST. Existing investors Bain Capital, Advent, and GIC continue to remain invested, the company said in a statement.

“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 the digital world and rebuild the lost traction. “Our focus will be to develop capabilities in hi-tech, software, and digital segments along with other industries and help our customers solve their engineering challenges,” said Ajit Prabhu, chairman & CEO, QuEST Global.

Singapore-based QuEST provides product engineering and lifecycle services to companies in sectors including aerospace and defence, automotive, hi-tech, medical devices, rail, and semiconductors. The company boasts of a presence in 13 countries, 54 global delivery centres, and a workforce of over 11,250.

“ChrysCapital has a strong track record of over 20 investments in the Technology Services sector, which has been an integral part of our portfolio across funds,” said Sudip Nandy, Sr. Advisor, ChrysCapital.

“QuEST is one of the top five players in the pure-play ER&D [Engineering R&D] space and has built unique and deep expertise in an industry that is undergoing unprecedented digital disruption. We believe the ER&D space will continue to see significant growth and innovation in the years ahead,” added Prasad Thrikutam, partner, True North.

QuEST had raised $6 million from Carlyle growth fund in 2003. In 2016, Bain Capital, GIC, and Advent had pumped in $350 million for a minority stake in the company.

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

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.