NewAlpha Asset Management, through its Growth Equity fund, announces its second investment by taking over a majority stake in Presto Engineering.
NewAlpha Asset Management, a specialist in the investment and support of entrepreneurs in fast growing sectors, announces today the acquisition from Seventure Partners and CM-CIC Capital Privé of a majority stake in Presto Engineering, a provider of industrialization and semiconductor manufacturing solutions in the industrial sector.
NewAlpha invests in the company alongside Michel Villemain, President and founder of Presto Engineering, through its dedicated Growth Equity fund and together with Adaxtra Capital and Bpifrance, which acquire a minority stake.
Founded in San José, California in 2006, Presto Engineering is today a global player that provides its industrial customers (including those present in IoT) engineering and industrialization solutions for ASICs (Application Specific Integrated Circuits). It currently has 110 employees based in the United States, France and Asia. Since its creation, the company has experienced strong organic growth, which has been accelerating in recent years.
Presto Engineering plans to accelerate its development and significantly increase the recurring share of its business by strengthening its offering of management services for the entire ASIC production value chain.
Michel Villemain, founder and President of Presto Engineering, says, "Twelve years after our creation, I would like to thank our historic shareholders for their trust and support during these years of development. We are now entering a new phase of accelerated growth for which I enthusiastically welcome NewAlpha and its partners: together, we will execute our strategy and aggressively deploy our solutions in many industrial fields, including automotive and IoT. "
"We are pleased to help accelerate the growth of Presto Engineering, particularly in France and Europe, by investing alongside its founder. The company has a unique technological know-how and a global presence that can be extended to other European countries, through organic growth or through targeted acquisitions, "adds Thomas Fort, Managing Director at NewAlpha.
"Investment in this fast-growing international company perfectly embodies the strategy of our fund, which aims to support operational growth by taking over from venture capital funds," says Antoine Dary, Managing Director at NewAlpha.
Following the acquisition of a majority stake in BIOBank in July, this transaction is the second investment of NewAlpha’s Growth Equity fund, whose first closing at a commitment level of € 100 million was announced on December 5th. With these two investments, the fund will have deployed about 20% of the total commitments collected at the first closing.