PE Group Apax Partners plans to obtain a significant minority stake in Quest Global Services, a leading engineering subcontracting firm, after outspending the only other firm competitor. The Carlyle Group said manifold people are aware of the development.

Apax is observing to obtain up to 40% stake chiefly from the two prevailing investors -Advent International and Bain Capital – treasuring the company at $2.1 billion. The two funds unruffled own around 33% of the corporation.

Singapore’s investment firm GIC, which also retains a small 2-3% stake in the enterprise, may also tag along. Some of the co-founders and management, too, are open to weakening.

In 2021, Quest Global was treasured at $1.8 billion when a stockholder consortium containing home-grown PE investors ChrysCapital and True North chose up below 10% stake in the corporation.

Quest, originated by former General Electric engineer Ajit Prabhu and Aravind Melligeri in 1997, reflects Pratt &Whitney, BMW, Rolls Royce, Airbus, and GE among its patrons. Two of its main clients, Rolls Royce and Apple, have recently finished doing business.

With processes spread across 17 countries and 56 global delivery centres, the company’s expertise in aerospace & defence, locomotive, energy, hi-tech, healthcare, medical devices, rail, and semiconductor trades.

Founded in Singapore, Quest Global has sent revenue of $598 million in FY21, down from $699.5 million in FY20. It dispatched a PAT of $52.4 million in FY21 adjacent to $81.2 million in FY20, Tracxn data available. Earnings before interest and taxes (EBIT) for FY21 were $87.9 million against $107.6 million a year ago. By the end of FY22, the company perceived almost 50% growth in the manufacturing team for the therapeutic devices vertical.