The Allegro Funds-backed industrial company Questas Group has hived off its Water Dynamics unit to water monitoring company Envirada.
Questas is an industrial company that operates in the area of hydraulic, irrigation, pump and engine solutions to the mining, construction, agricultural and general industrial sectors.
The rapidly growing hydraulics will now be a focus for Questas, which was purchased by Allegro in 2019 with founder Kede Carboni retaining an interest.
Questas has tripled the size of its hydraulics business over four years and generates revenue of about $270m annually with 800 workers at 35 sites.
With about 10 per cent of market share, it is the leader.
The Water Dynamics business generates annual revenue of between $45m and $50m and it is understood that the value of the transaction was between $15m to $25m.
The Questas business has made about eight acquisitions and two asset sales under Allegro’s ownership and plans to snap up other businesses.
The sale comes after Allegro last month purchased business process outsourcing company Nutun from its South African parent for $120m.
