Global investment firm Carlyle on Tuesday (August 8) said it will be acquiring a significant minority stake in Quest Global Services, a leading engineering outsourcing firm.

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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.

Equity for this transaction will come from funds managed and advised by entities affiliated with Carlyle Asia Partners, Carlyle and Quest said in a joint press release.

Established over 25 years ago and headquartered in Singapore, Quest Global is a leading global player in engineering, research, and development services for the design, product development, and operations of complex engineering systems.

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It currently has a multi-disciplinary team of over 17,500 engineers, across 67 delivery centres and offices, in 17 countries globally, that is dedicated to helping solve its clients’ engineering challenges better and faster.

Amit Jain, managing director and head of Carlyle India Advisors, said, "Carlyle was the first early-stage private equity investor in Quest Global and we are proud to partner again.

We believe the company’s undivided client centricity, drive for engineering excellence, differentiated global delivery model and the entrepreneurial energy of the management team have enabled it to scale successfully across a diverse set of industry verticals."

The transaction remains subject to the satisfaction of certain conditions precedent to closing, including customary regulatory approvals.

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Ajit Prabhu, chairman and CEO of Quest Global, said, "It was a great value-added partnership with Carlyle the first time around, and I look forward to working with Carlyle again, to propel us in the journey ahead.

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, JPMorgan, BNP Paribas, and Latham & Watkins served as advisors to Quest Global on the transaction; and 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 finance the transaction.

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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, 2023, with approximately $5.6 billion of this in Asia.