Hillhouse Investment acquires minority stake in Singapore-based Quest Global

MUMBAI: Hillhouse Investment has acquired a minority stake in Quest Global, an engineering services company in Singapore, through a mix of primary and secondary share purchases, the companies said on Monday. The companies did not disclose financial details of the transaction.

“Their investment leverages 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 customers.”

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 is backed by private equity firms including Advent International. Bain Capital, ChrysCapital, True North and GIC.

Fast growing sectors

“The company’s focus on mission-critical programs, long-term customer relationships and disciplined execution has enabled it to scale sustainably in high-growth industries such as aerospace, automotive, energy and semiconductors,” Sean Carney, Hillhouse Investment’s co-head of global acquisitions, said in a statement. “Quest Global is well positioned to capitalize on the growing global demand for advanced engineering and technology-driven transformation.”

Founded in 1997 by Prabhu and Aravind Melligeri, Quest operates in over 18 countries, including India, with over 93 global delivery centres. It operates in sectors such as: aerospace and defense, automotive, energy, high technology, medical technology and healthcare, railway and semiconductor industries.

Hillhouse, a global alternative investment manager based in Singapore, has over two decades of expertise and a range of investment strategies spanning public equities, private equity, private credit and real assets. His Its private equity 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 in the United States, Southeast Asia and the Middle East.

Jefferies served as exclusive financial advisor to Quest Global on the transaction.