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Fairfax-controlled Quess buys Dubai’s Styracorp; plans IPO

23 December, 2015

Quess Corp has acquired Dubai-based Styracorp Management Services and IME Consultancy for an undisclosed amount, its parent Thomas Cook (India) Ltd said on Wednesday.

“The acquisition marks the entry of Quess’ people and services business in the Middle East,” the tour operator said in a stock market disclosure.

Founded in 2007, Styracorp provides human resources staffing solutions in the Middle East. 

This is the third acquisition this year by Bangalore-based business services provider Quess, earlier known as IKYA Human Capital Solutions Ltd. In February, Quess inked a deal to acquire NYSE-listed Aramark’s Mumbai-based facility management arm for an undisclosed amount.

In June, it struck a deal with Transfield Services (Qatar) WLL to acquire a 49 per cent stake for an undisclosed amount. And in October, it agreed to purchase Ranstand Lanka.

Separately, Quess also said its board has approved a proposal to raise capital through an initial public offering, subject to ratification by the company’s shareholders. It didn’t disclose any details of the planned share sale.

The company had said in March this year that it was evaluating various funding options, including an IPO. If it goes ahead with the public issue, it would make it the second listed firm for Canada’s Fairfax Financial Holdings in India.

IKYA Group rebranded itself as Quess earlier this year. It was acquired by Thomas Cook in early 2013 for Rs 256 crore. The deal marked an exit for India Equity Partners, which invested in IKYA back in 2008.

IKYA was founded by serial entrepreneur Ajit Isaac, who sold PeopleOne Consulting to Swiss staffing giant Adecco in 2004.

Quess provides services under four verticals – global technology, industrial asset management, integrated facilities management and people and services. It has 1,10,000 employees and operates in 32 cities in India, North America, the Middle East and Southeast Asia.

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Fairfax-controlled Quess buys Dubai’s Styracorp; plans IPO

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