Bain Capital, GIC and Advent International have invested approximately $350 million to purchase minority stakes in QuEST, a engineering solutions provider based in Singapore. The firms purchased stakes held by an affiliate of Warburg Pincus.
SINGAPORE, February 18, 2016 /PRNewswire/ —
Leading global investors Bain Capital, GIC and Advent International have invested approximately US $350 million to purchase minority stakes in QuEST (the ‘Company’), a global engineering solutions provider. These firms have purchased stakes held by an affiliate of Warburg Pincus, a global private equity firm focused on growth investing, and certain other Company shareholders.
“We started QuEST with the vision of becoming the most recognized and trusted global engineering partner for our customers,” saidAjit Prabhu, Co-founder, Chairman and CEO of QuEST. “This investment by three of the most respected global investors reflects the progress we are making. It also crystallizes the value we have created for our shareholders and employees who have placed their belief in us and partnered with us in this journey.” Mr. Prabhu added, “The Warburg Pincus team has been a great partner for QuEST and sounding board for me and my colleagues as we have grown and diversified the business over the past five years.”
QuEST’s services include mechanical, embedded and engineering software offerings across high tech industries: aerospace, transportation, energy and medical devices. Zinnov rated QuEST in the ‘Leadership Zone’ in the Aerospace, Energy and Medical Devices verticals and as having deep expertise in the Automotive vertical.
“We are partnering with QuEST because of the differentiated business platform and distinctive culture of the company. QuEST has demonstrated the ability to scale accounts in a fragmented industry by becoming the core engineering partner to most of the top global firms in its target industries. We are excited to back Ajit and the executive team at QuEST and look forward to working with them on the journey ahead,” said Pawan Singh, a Managing Director of Bain Capital Private Equity.
“GIC is confident of QuEST’s capability to provide engineering services across all stages of the product development life cycle. QuEST’s local-global approach enables its clients to achieve cost-effective solutions for their complex engineering needs,” said Maverick Wong, Head, Asia Private Equity at GIC.
“QuEST is a pioneer in the engineering services outsourcing space,” said Shweta Jalan, a Managing Director at Advent International. “We were very impressed by the depth of its engineering expertise as well as the diverse industries and emerging technologies in which QuEST is helping its customers. We believe the ESO space will continue to see significant growth and innovation in the years ahead, and we look forward to working with QuEST’s management team and our co-investors to capture these opportunities.”
“The team at QuEST has built a market leading engineering services company in a very short span of time and Warburg Pincus has been fortunate to be part of this journey. We are pleased to have partnered with QuEST as the business has undergone significant growth and development and wish the Company all the best for continued success,” said Vishal Mahadevia, Co-Head of Warburg Pincus India.