MUMBAI: Hillhouse Investment has acquired a minority stake in Quest Global, an engineering services company in Singapore, in a mix of primary and secondary share purchases, the companies said in a statement on Monday. The companies did not disclose the financial details of the transaction.
“Their investment reinforces the strength of our differentiated value proposition, financial and operating discipline, and long-term growth strategy,” said Ajit Prabhu, co-founder and chief executive officer of Quest Global. “We look forward to partnering with Hillhouse as we further invest in advanced engineering capabilities that will help our clients.”
Backed by the Carlyle Group, Quest Global will use the additional capital to achieve its strategic priorities. The investment will be made through funds managed and advised by Hillhouse Investment Management.
Quest has been backed by private equity firms including Advent International, Bain Capital, , True North and GIC.
High-growth sectors
“The company’s focus on mission-critical programmes, long-term customer relationships and disciplined execution has enabled it to scale sustainably across high-growth sectors such as aerospace, automotive, energy and semiconductors,” Sean Carney, partner, co-head of global buyout at Hillhouse Investment, said in the statement. “Quest Global is well positioned to benefit from increasing global demand for advanced engineering and technology-led transformation.”
Founded in 1997 by Prabhu and Aravind Melligeri, Quest operates in more than 18 countries including India, with over 93 global delivery centres. It operates in sectors such as aerospace and defence, automotive, energy, hi-tech, medtech and , rail and industries.
Singapore-based global alternative investment manager Hillhouse has more than two decades of expertise and a range of investment strategies that span public equities, private equity, private credit and real assets. Its portfolio spans 30 countries and manages assets on behalf of institutional clients such as university endowments, foundations, family offices and other long-term institutional investors based in the US, Southeast Asia and the Middle East.
Jefferies served as the exclusive financial adviser to Quest Global on the transaction.