Semiconductor growth

Hamilton chip testing firm PTSL raises $30m

Jordan MacKellar: vote of confidence

Microchip testing equipment manufacturer Probe Test Solutions (PTSL) has closed a $30m investment from Tikehau Capital to accelerate global expansion, including acquisitions in the consolidating semiconductor market.

It is the first external funding received by the 75-strong Hamilton-based company which is one of the world’s leading automated test equipment (ATE) suppliers.

Four executives from the industry – Jalal Bagherli, Mark Tyndall, Alex McCann, and Jacky McNulty, together with Corinne Philipps from Tikehau Capital – are joining the board, with Mr Bagherli appointed as chair. 

Tikehau Capital’s investment is made via its pan-European growth impact private equity strategy.

The strategy’s investment philosophy is focused on providing partnership capital to high growth, purpose-led companies that are critical to the resilience of the European economy. 

Jordan Mackellar, CEO of PTSL, began his career Silicon Glen, working for Motorola and now employs a number of former Motorola staff.

He said: “This financial investment [in PTSL] 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.”

Ms Phillips, said: “The company’s differentiated business model has enabled it to carve out a solid position in a rapidly growing market.”

Mr Bagherli added: “PTSL is an opportunity that comes along ever so rarely. 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.”

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