Private equity firm Hillhouse Investment said Monday it has agreed to acquire a minority stake in engineering services company Quest Global for an undisclosed amount.
The transaction includes a primary capital infusion into Quest Global as well as the purchase of shares from some existing shareholders, Hillhouse said. It didn’t disclose which investors are selling shares as part of the secondary transaction.
Quest Global’s investors include US-based PE firm Carlyle Group and Indian PE firms ChrysCapital and True North. Carlyle had invested in the company in 2023 at a valuation of around $2 billion while ChrysCapital and True North were among the investors that put $150 million into Quest in 2021.
Hillhouse was previously reported to be in talks to pick up a 5% stake in Quest Global in a transaction valuing the Singapore-headquartered company at $4.5 billion.
Quest said it will use the fresh capital to pursue its strategic priorities and expand advanced engineering capabilities.
“The investment reinforces the strength of our differentiated value proposition, financial and operating discipline, and long-term growth strategy. We look forward to partnering with Hillhouse as we further invest in advanced engineering capabilities that will help our clients solve the problems of today that stand in the way of tomorrow,” said Ajit Prabhu, co-founder and chief executive officer, Quest Global.
Quest Global has expanded its global footprint over the years. The company operates 93 global delivery centres in 18 countries and employs over 21,500 people. It serves original equipment manufacturers across aerospace and defence, automotive, energy, semiconductors, healthcare, rail and high-tech industries.
“Quest Global has established itself as a trusted engineering partner to some of the world’s most respected OEMs, supported by deep domain expertise and a highly skilled global workforce,” said Sean Carney, partner and co-head of global buyout at Hillhouse Investment.
“The company’s focus on mission-critical programs, long-term customer relationships, and disciplined execution has enabled it to scale sustainably across high-growth sectors such as aerospace, automotive, energy, and semiconductors,” Carney added.
Jefferies acted as the exclusive financial adviser to Quest Global on the transaction.
Founded in 2005 with seed capital from the Yale University Endowment, Hillhouse is headquartered in Singapore and invests across public equities, private equity, private credit and real assets for institutional clients globally.
