New York – Global law firm K&L Gates LLP assisted Presidio Investors in the final close of a continuation vehicle in connection with the acquisition of ElevATE Semiconductor, a leading designer of innovative, low-power, high-density components for the design of next-generation automated test equipment. 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 K&L Gates team advising Presidio was led by New York partners Ed Dartley and Adam Tejeda on the continuation fund launch, and Charlotte partner Kevin Stichter and New York partner Jonathan Barron on the acquisition transaction.

Dartley commented: “We’re very pleased to have been able to advise Presidio on this fund launch and transaction. Continuation funds will continue to grow as an increasingly important strategy for maximizing long-term investment growth and returns for all stakeholders. Presidio Investors’ ElevATE Continuation Fund transaction is a cutting-edge example of how these important goals can be achieved.”

Austin, Texas-based Presidio Investors acquired a majority stake in ElevATE in 2018 and has since then worked with management to successfully execute a multiyear strategy focused on bolstering sales channels and investing in R&D capabilities.