Irish venture capital company Hibernia Capital Partners, in partnership with ABN-Amro Ventures, has successfully backed the management buyout (MBO) of a microchip assembly and test facility in south Wales.

The investment by Hibernia is thought to be in the region of £4.5 million (€5.7 million). The facility was established by Hong Kong technology group QPL in 1995 at a cost of £50 million sterling (€77.3 million). Financial difficulties in Asia have led to QPL selling off this part of its business.

The newly-named company, Atlantic Technology, is Europe's largest independent assembly and test provider of microchips.