ElevATE Semiconductor Celebrates Successful Closing of Continuation Fund Led by Presidio Investors and Kline Hill Partners
AUSTIN, TEXAS, May 9, 2023 – ElevATE Semiconductor (“ElevATE”), a premier designer of innovative, low power, high density components for next generation automated test equipment (ATE), is thrilled to announce the successful closing of a continuation vehicle in partnership with Presidio Investors (“Presidio”) and Kline Hill Partners (“Kline Hill”). This rare accomplishment highlights the long-term commitment of world-class investors who recognize the potential of the ATE business and are dedicated to supporting ElevATE’s ongoing growth.
Since initially investing in ElevATE in 2018, Presidio has collaborated with the company’s management to execute a multi-year strategy focused on institutionalizing operations, strengthening sales channels, and investing in R&D capabilities. Today, ElevATE stands at the forefront of ATE technology and design innovation and is well-positioned to seize the market opportunities ahead.
David Kenyon, CEO of ElevATE, said, “This is an exciting step for ElevATE in its evolution. With this transaction, we were able to attract world-class investors that share our vision with capital and a long-term horizon which allows us to work with our customers to bring the most most innovative, technologically advanced chips to the market.”
The Presidio-managed continuation vehicle obtained a controlling interest in ElevATE from Presidio Investors Fund II and other shareholders, with Kline Hill Partners leading the transaction. A diverse group of high-quality investors, including partners in the Presidio Investors Fund II, provided support.
Presidio Managing Partner Christian Puscasiu remarked, “The closing of our first continuation fund is an important milestone for Presidio and ElevATE. 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.”
Raudel Yanez, Managing Director at Kline Hill Partners, added, “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. 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.
About ElevATE Semiconductor
Established in 2012, ElevATE Semiconductor Inc. is a leading chip designer for semiconductor automated test equipment with differentiated low-cost capabilities. ElevATE’s mission is to serve semiconductor and system test customers by providing world class test integrated circuits that address the industry’s most complex ATE challenges. ElevATE has 34 employees across its production facility and headquarters in San Diego and satellite office in Austin, Texas. For more information, please visit www.elevatesemi.com.
About Presidio Investors
Presidio Investors is a leading Austin, Texas-based private equity firm investing in quality businesses in the lower middle market. Presidio makes control investments in growing, niche services companies with enterprise values between $30 million – $200 million and employs a collaborative approach to help grow and develop businesses to produce excellent returns for all stakeholders. Presidio principals have over 75 years of private equity investing and operating experience. To learn more about Presidio, please visit www.presidioinvestors.com.
About Kline Hill Partners
Founded in 2015, Kline Hill Partners is an investment firm focused on the private equity secondary market, with industry-leading capabilities in the small-deal space. With over $3 billion in assets under management, Kline Hill’s funds are backed by a blue-chip investor base that includes endowments, foundations, family offices, and other institutional investors. Together, Kline Hill’s Core and Solutions strategies make up a platform designed to serve the entirety of the small-deal secondary market, with capabilities spanning LP fund transfers, GP-led transactions, and secondary direct transactions. For more information, please visit www.klinehill.com
