Private equity firms Bain Capital and Advent International are looking to exit Quest Global Services, six years after investing in the engineering outsourcing firm, said people aware of the matter.
The two funds together own about 33% of the company. Singapore investment firm GIC, which owns a 2-3% stake, may also look to join them.
Investment banks JP Morgan and Barclays are initiating a formal stake sale process — expected in the coming weeks — only for financial investors. The amount of stake on sale will depend on deal talks and could include a primary fundraise as well.
The company is expecting a $2.5-3 billion valuation for this round, said the people mentioned above. That translates to around 20 times the FY23 Ebitda.
Read more: Newswires
