Quest Aircraft, maker of the Kodiak single-engine turboprop, is receiving a further cash infusion to help fuel growth at the Sandpoint, Idaho manufacturer. Japanese conglomerate Mitsui & Co. signed an agreement with Quest parent Setouchi Holdings to acquire a $10 million equity stake in the company. Under the agreement, Mitsui is receiving a 12.5-percent holding in Quest.
The money will be used to continue plant expansion in Idaho as Quest seeks to double its manufacturing capacity. Mitsui will also help bolster Quest’s international sales footprint, particularly in Asia.
“The agreement between Setouchi Holdings and Mitsui will help us further expand Quest’s market globally for the Kodiak,” said Quest Aircraft CEO Sam Hill. “They, like Setouchi, are a well respected company with worldwide business interests in a variety of market segments.”
The investment comes nearly a year after Japan’s Setouchi Holdings bought Quest Aircraft.
“Mitsui will, with its capital participation in Quest, use its global networks to support the expansion of sales channels for the Kodiak 100 in previously uncultivated markets with the potential for demand growth and work to further enhance Quest’s corporate value,” Mitsui said in a statement.
