Presidio Investors Announces Sale of ElevATE Semiconductor to Diodes Incorporated

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fabless technical

A fabless company designs and sells semiconductor chips but does not own the factories that make them; instead it hires specialized manufacturers to produce the physical chips. Like a clothing designer who sketches garments and contracts a factory to sew them, this model keeps upfront equipment costs low but exposes the business to manufacturing availability, lead times and partner pricing—factors investors watch because they affect cash needs, margins and supply-chain risk.

automated test equipment technical

Automated test equipment are machines and software systems that inspect and verify electronic components and finished products by running programmed tests without human intervention, like a robotic quality-control inspector on a factory line. Investors care because these systems determine how quickly and cheaply a company can scale production, how many defective units are caught before shipping, and whether products meet reliability and regulatory standards—factors that directly affect revenue, costs and reputation.

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Sale to Nasdaq-listed strategic acquirer marks successful realization of Presidio’s first continuation fund

AUSTIN, Texas--(BUSINESS WIRE)-- Presidio Investors (“Presidio”), a lower middle market private equity firm, today announced that it has entered into a definitive agreement to sell ElevATE Semiconductor, Inc. (“ElevATE”) to Diodes Incorporated (Nasdaq: DIOD) in an all-cash transaction valued at $250 million. ElevATE, headquartered in San Diego, California, is a leading fabless designer of low-power, high-density integrated circuits for the automated test equipment (ATE) industry.

The sale marks the successful realization of Presidio’s first continuation fund, which was formed in 2023 to extend the firm’s partnership with ElevATE and support the company’s next phase of growth. The acquisition of ElevATE by a leading global semiconductor company validates the strategy behind the continuation vehicle and delivers a strong outcome for the company, its employees, and Presidio’s investors.

Presidio first invested in ElevATE in 2018, when the company was a small, founder-led team of analog chip designers serving the ATE market. Over nearly eight years of partnership — with Managing Partner Christian Puscasiu and Partner Josef Auboeck serving on ElevATE’s board of directors — Presidio worked alongside management to institutionalize operations, strengthen global sales channels, expand the product portfolio, and invest in the R&D capabilities that established ElevATE as a technology leader in semiconductor test. Along the way, the company adopted modern operating systems and AI-enabled tools that allowed the business to scale efficiently as demand grew. Today, ElevATE’s integrated circuits address the industry’s most complex ATE challenges, and demand for its solutions continues to grow with the accelerating production volumes of automotive, industrial, data center, and AI semiconductors.

“This is a proud day for everyone who has been part of the ElevATE journey,” said Christian Puscasiu, Managing Partner of Presidio Investors. “When we partnered with ElevATE’s founders in 2018, we saw a small team of world-class engineers with technology that punched far above its weight. The credit for what ElevATE has become belongs to its people — the founders who built the foundation, the engineers who kept pushing the technology forward, and Jan and his leadership team, who have taken the company to a new level. Diodes is an outstanding home for ElevATE, and we are grateful to the investors who backed this company alongside us at every stage.”

“Presidio has been a true partner to ElevATE from day one,” said Jan Gaudestad, Chief Executive Officer of ElevATE, who first joined the company’s board of directors at the time of Presidio’s 2018 investment and was appointed CEO in 2024. “I have seen this partnership from both the boardroom and the CEO seat. Presidio invested in our people, our operations, and our product roadmap, and gave us the stability and resources to focus on what we do best — designing the highest density, lowest power test solutions in the industry. This acquisition by Diodes is the direct result of that partnership, and it positions ElevATE to bring our innovations to a global stage. On behalf of the entire ElevATE team, I want to thank Chris and the Presidio team for eight years of support, trust, and genuine collaboration.”

The transaction has been approved by the boards of both companies and by ElevATE’s stockholders, and is expected to close during the second half of 2026, subject to customary closing conditions, including regulatory approvals.

BofA Securities Inc. served as exclusive financial advisor, and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. served as legal counsel to ElevATE and Presidio in connection with the transaction.

About ElevATE Semiconductor

ElevATE Semiconductor, Inc. is a fabless semiconductor company headquartered in San Diego, California, specializing in the development of integrated circuits for the automated test equipment (ATE) industry. ElevATE addresses the industry’s most complex ATE challenges by designing the lowest power and highest density solutions, with the goal of providing the lowest possible cost of test. 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 companies and employs a collaborative approach to help grow and develop businesses to produce excellent returns for all stakeholders. Presidio principals have decades of private equity investing and operating experience, and the firm is committed to a technology-forward approach to value creation, partnering with its portfolio companies to deploy AI and modern operating tools that drive efficiency and growth. To learn more about Presidio, please visit www.presidioinvestors.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260714838577/en/

Media Contact
Victor Masaya
Presidio Investors
victor@presidioinvestors.com

Source: Presidio Investors