Setouchi Holdings, the Japanese parent company of Sandpoint, Idaho-based Quest Aircraft has sold an equity stake in the turboprop aircraft manufacturer to a diverse international company with the goal of expanding Quest’s aircraft sales into “uncultivated markets.”
Setouchi Holdings acquired Quest Aircraft in February 2015. On Jan. 13 Setouchi Holdings signed an agreement for Mitsui & Co. Ltd., to take on a 12.5-percent stake in the maker of the Kodiak, a 10-seat turboprop aircraft designed for short-takeoff-and-landing operations and for use on floats.
“The agreement between Setouchi Holdings and Mitsui will help us further expand Quest’s market globally for the Kodiak by utilizing the relationships that Mitsui has developed,” said Quest CEO Sam Hill in a Jan. 18 news release. “They, like Setouchi, are a well-respected company with worldwide business interests in a variety of market segments.”
Growth in demand for Kodiak has led Quest to launch an expansion of its Idaho manufacturing plant—and the company remains “enthusiastic about the future and excited about the increased market access we are gaining with our relationship with Mitsui,” Hill said.
An investment of $10 million this month will net Mitsui a 12.5-percent stake in Quest, said Mitsui in an announcement on its website. The company includes integrated transportation systems among its diverse business interests, with the leasing, financing, and sale of aircraft and engines noted among its aviation activities.
“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,” it said.