Presidio Investors and Kline Hill Partners announced the final close of a continuation vehicle in connection with the acquisition of ElevATE Semiconductor (“ElevATE”), a designer of innovative, low power, high density components for the design of next generation automated test equipment.
Since investing in ElevATE in 2018, Presidio has worked alongside management to successfully execute a multi-year strategy focused on institutionalizing the operations, strengthening sales channels, and investing in R&D capabilities. Today, ElevATE is leading the innovation in ATE technology and design and is well-positioned to capitalize on the market opportunity ahead.
“This is an exciting step for ElevATE in its evolution. With this transaction, we are able to have a longer-term view for the growth of the business, which allows us to work with our customers to develop the most efficient chips in this unique part of the market,” said David Kenyon, CEO of ElevATE.
The Presidio-managed continuation vehicle acquired a controlling interest in ElevATE from Presidio Investors Fund II and other shareholders. The transaction was led by Kline Hill Partners and supported by a diverse group of high-quality investors, including limited partners in Presidio Investors Fund II.
“The closing of our first continuation fund is an important milestone for Presidio and ElevATE,” said Presidio Managing Partner Christian Puscasiu. “We’re excited to be able to add a cadre of new, high-quality investors led by Kline Hill to continue the development of ElevATE. Having built a strong foundation over the past four years, ElevATE is poised to accelerate its growth path and bring innovation to this important part of the semiconductor production supply chain.”
“We’re excited to lead this transaction and partner with Presidio to extend their ownership of this high-quality business and help support ElevATE’s strong growth trajectory,” said Raudel Yanez, Managing Director at Kline Hill Partners. “Our partnership demonstrates our ability to support GPs and their portfolio companies, while executing a transaction that is well aligned with our strategy.”
Credit Suisse Private Fund Group served as exclusive financial advisor and K&L Gates LLP provided legal counsel to Presidio. Stephenson Harwood LLP provided legal counsel to Kline Hill.