BENGALURU: Global investment firm Carlyle will acquire a significant minority stake in engineering services firm Quest Global. Though both the companies didn’t disclose the investment amount and stake percentage, sources said this deal values the firm at about $2 billion, and that the private equity firm has acquired at least 25% stake in Quest Global.
The Carlyle Group had invested $6 million in Quest Global in 2003. The engineering services firm last raised $150 million from ChrysCapital, Bain Capital, among others, in August 2021, and was valued at about $1.8 billion.
Equity for this transaction will come from funds managed and advised by entities affiliated with Carlyle Asia Partners. Carlyle’s buyout funds, including Carlyle Asia Partners, have invested over $35 billion of equity in over 280 deals globally as of June 30, 2023, with nearly $5.6 billion of this in Asia. Also, as part of this transaction, current investors Bain Capital and Advent International will exit and Quest Global will repurchase its company shares.