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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.” |
