Scottish probe company raise $30m to drive acquisitions

Scottish probe company raise $30m to drive acquisitions

Business news |
By Nick Flaherty

Test equipment maker Probe Test Solutions (PTSL) in Glasgow, Scotland, has raised $30m for acquisitions as a key part of the European semiconductor supply chain.

The company makes high speed ATE test hardware, and is also appointing four senior semiconductor industry executives to its board.

Jalal Bagherli, former CEO of Dialog Semiconductor, Mark Tyndall, Alex McCann, and Jacky McNulty, together with Corinne Philipps from lead investor Tikehau Capital, are joining the board, with Bagherli as chairman.

“PTSL is an opportunity that comes along ever so rarely,” said Bagherli. “It has an incredibly talented team who are determined to continue their growth and market share gains in the ATE industry while creating new job opportunities in Scotland and beyond.”

Tikehau Capital’s investment is made via its pan-European growth impact private equity strategy for companies that are critical to the resilience of the European economy. Tikehau Capital will provide PTSL with the operational and strategic support needed to accelerate further international expansion, including appropriate acquisitions in the ongoing consolidation of the semiconductor market.

“This financial investment is a massive vote of confidence in the company, our people and the strategy. The investment will enable PTSL to accelerate its innovative advanced technology roadmap, positioning the company ahead of ATE industry trends and strengthening our ability to make significant Capex investments to support our planned growth,” said Jordan Mackellar, CEO of PTSL.

“Having worked very closely with Jalal, Mark, Alex, and Jacky for some months to refine our strategic path forward, including raising this investment, I am proud to now have them as board members together with Corinne from Tikehau Capital. This board complements the strong PTSL management and the relentlessly determined wider PTSL team,” he said.

“We are delighted to partner with PTSL as it embarks on its next chapter of growth. The company’s differentiated business model has enabled it to carve out a solid position in a rapidly growing market,” said Phillips at Tikehau.

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