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Charles Cherington Backs Management Buyout of C-Quest

Charles Cherington, the co-founder of private equity fund Intervale Capital, has contributed an undisclosed amount of financing to support a management buyout of C-Quest Capital, Reuters reported. No terms were released. C-Quest Capital invests in emissions reduction projects around the world.

(Reuters) – U.S.-based C-Quest Capital has been bought out by its management and received “significant” new financing from energy investor Charles Cherington, the carbon finance firm said.

The buyout was financed by company management, with a significant capital commitment from Cherington, the firm said in a statement, declining to give further details.

Cherington, who is the co-founder of $280 million private equity fund Intervale Capital, will join the company’s board of directors.

“Mr. Cherington’s initial investment will be followed by additional commitments to CQC’s attractive pipeline of projects,” the firm said in the statement.

Founder Ken Newcombe will remain as chief executive and co-founder Matthew Mendis will stay on as managing director.

C-Quest Capital invests in emissions reduction projects around the world.

(Reporting by Nina Chestney; editing by James Jukwey)