QuEST promoters buy back Carlyle stake

Printer-friendly versionPDF version

Bangalore, 30 Oct 2007. The promoter group of QuEST, a leading provider of outsourced engineering services and manufacturing, has acquired all the shares in the company held by Carlyle Asia Venture Partners II.

Carlyle had invested $6 million in QuEST in September 2003. The money was used to grow QuEST’s infrastructure and facilities in the U.S. and India as part of its global expansion plans.

“The funding from Carlyle significantly helped us grow the business,” says Ajit Prabhu, co-founder and CEO, QuEST. “Since 2003-04, QuEST has grown revenues at a compounded growth rate of 34% and we are now a global engineering services provider with full fledged delivery capabilities in USA, Europe and Asia.”

“The decision to buyback the Carlyle stake is a demonstration of our confidence in the business model and of our commitment to the company,” says Aravind Melligeri, co-founder and president, QuEST. “QuEST is now at the next level of growth. With the setting up of our manufacturing facilities and the upcoming SEZ in Belgaum, we are poised to offer customers an expanded portfolio of capabilities that include design-and-build solutions.”

Back

News Source : QuEST promoters buy back Carlyle stake