M&A Deal Summary

Five V Capital Acquires Questas

On April 7, 2025, growth capital firm Five V Capital acquired business services company Questas from Allegro Funds

Acquisition Highlights
  • This is Five V Capital’s 3rd transaction in the Business Services sector.
  • This is Five V Capital’s 17th transaction in Australia.

M&A Deal Summary

Date 2025-04-07
Target Questas
Sector Business Services
Buyer(s) Five V Capital
Sellers(s) Allegro Funds
Deal Type Secondary Buyout

Target

Questas

Norwest, Australia
Questas is an independent, pure-play hydraulics company comprising a group of associated companies operating through a national branch network to provide hydraulic, irrigation, pump, and engine solutions to the mining, construction, agricultural, and general industrial sectors. Questas was founded in 1996 and is based in Norwest, Australia.

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Buyer(S) 1

Buyer

Five V Capital

Investor Investor Investor


Category Growth Capital Firm
Founded 2016
PE ASSETS 550M AUD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Five V Capital is a private equity firm focused on investing in and acquiring mid-sized companies in Australia and New Zealand. The Firm will consider businesses in the healthcare, retail, media, consumer, technology and financial services valued from $20 to $200 million. Five V prefers established companies that lead their respective markets, with positive cash flow and strong growth potential. Five V Capital was formed in 2016 and is headquartered in Sydney.


DEAL STATS #
Overall 24 of 25
Sector: Business Services M&A 3 of 3
Type: Secondary Buyout M&A Deals 4 of 4
Country: Australia M&A 17 of 17
Year: 2025 M&A 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-05 CriticalArc

Sutherland, Australia

CriticalArc is a global Emergency Management Software (EMS) provider. CriticalArc’s flagship platform, SafeZone, enables security teams to effectively manage daily workflows and respond rapidly to critical situations when they arise. CriticalArc serves enterprise clients with complex physical environments across end markets including Higher Education, Healthcare, Infrastructure and Government. CriticalArc was founded in 2011 and is based in Sutherland, New South Wales.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-08-26 BlastOne

Columbus, Ohio, United States

BlastOne is involved in the design and manufacture of blasting and painting equipment, as well as supplies. BlastOne serves a wide range of industries, including marine, oil and gas, and industrial, from its branch offices in Australia, New Zealand, Malaysia, and the USA, and is now also expanding into Europe. BlastOne was founded in 1975 and is based in Columbus, Ohio.

Buy -

Seller(S) 1

SELLER

Allegro Funds

Sydney, Australia

Investor Investor Investor Investor Investor


Category Distressed Investor
Founded 2004
PE ASSETS 4.8B AUD
Size Large
Type Sector Agnostic
DESCRIPTION

Allegro Funds is an independent private equity firm focused on mid-sized investment opportunities in Australia and New Zealand. The Firm will consider investing in businesses needing capital for growth, management buyouts, as well as more complex turnarounds and restructurings. Allegro's target investment size is A$10 to A$100 million in transactions valued up to A$300 million. Allegro is a generalist investor, however the Firm will not invest in property development, agriculture, or mining/exploration. Allegro Funds was formed in 2004 and is based in Sydney.


DEAL STATS #
Overall 15 of 16
Sector: Business Services M&A 2 of 2
Type: Secondary Buyout M&A Deals 4 of 4
Country: Australia M&A 12 of 13
Year: 2025 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-02 JSW Drilling

Perth, Australia

JSW Drilling is a production drilling company with Tier 1 customers across commodities including iron ore, gold and bauxite. JSW’s core services include: drill and blast, mineral sampling, fleet for hire and specialist drilling services. JSW Drilling was founded in 2010 and is based in Perth, Australia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-01 Terrex Seismic

Queensland, Australia

Terrex Seismic is an onshore seismic surveyor providing seismic acquisition services, GPS surveying and geophysical processing services to the oil and gas, minerals and government geoscience research sectors. Terrex Seismic was founded in 1981 and is based in Queensland, Australia.

Sell -