Presidio Investors and Kline Hill Partners Announce Successful Closing of Continuation Fund for ElevATE Semiconductor
Presidio Investors ("Presidio") and Kline Hill Partners (“Kline Hill”) are pleased to announce the final close of a continuation vehicle in connection with the acquisition of ElevATE Semiconductor ("ElevATE")
AUSTIN, TEXAS and NEW YORK, NEW YORK — May 11, 2023 – Presidio Investors (“Presidio”) and Kline Hill Partners (“Kline Hill”) are pleased to announce the final close of a continuation vehicle in connection with the acquisition of ElevATE Semiconductor (“ElevATE”), a leading 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.
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
Media Contact for Presidio Investors:
Mallory Baker
Presidio Investors
(off) +1 (512)-772-1702
Media Contact for Kline Hill Partners:
Katrin Lieberwirth
Stanton PRM
(off) +1 (646) 502 3548
(cell) +1 (646) 286 5401
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