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Nasdaq-listed Carlyle, a global investment firm, and Quest Global, a global engineering research and development (ER&D) services company, have reached a definitive partnership agreement, whereby Carlyle will be acquiring a significant minority stake in the ER&D company.
Equity for this transaction will come from funds managed and advised by entities affiliated with Carlyle Asia Partners.
As part of this transaction, current investors Bain Capital and Advent International will exit. Quest Global will repurchase its company shares and Ajit Prabhu, Chairman and CEO of Quest Global, will acquire an additional stake in the company.
The Singapore-headquartered Quest Global has operations in 17 countries including India with 67 global delivery centres and offices, driven by 17,500-plus employees.
Also read: Growth phase. PE firm Carlyle picks up majority stake in VLCC
Amit Jain, Managing Director and Head of Carlyle India Advisors, said, “Carlyle was the first early-stage private equity investor in Quest Global. Looking ahead, our view is that Quest Global is well-poised to benefit from the growing focus on product innovation, digital engineering, embedded systems, increased outsourcing and disruptive technology advancements across industries”.
Prabhu said “Together, I am confident we will deliver on our mutual commitment to provide cutting-edge engineering solutions to our clients around the world, while preserving our entrepreneurial culture”.
Barclays, J.P. Morgan, BNP Paribas and Latham & Watkins served as advisors to Quest Global on the transaction. Deutsche Bank, Clifford Chance, KPMG and Trilegal served as advisors to Carlyle.
Barclays, BNP Paribas, Citibank, Deutsche Bank, HSBC, ING, J.P. Morgan, Nomura, Standard Chartered Bank, Allen & Overy and Linklaters helped arrange financing for the transaction.
Carlyle’s buyout funds, including Carlyle Asia Partners, have well-established experience investing in the technology and business services sector, and have invested over $35 billion of equity in over 280 deals globally as of June 30, with approximately $5.6-billion investment in Asia.
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