Bayard Group Acquires Cellnet For $705 Million

Atlanta — Bayard Group, a global investor in energy measurement and efficiency technologies, has announced the acquisition of Cellnet, one of America's leading AMR (Automated Meter Reading) solutions companies, for US$705 million from major shareholder GTCR Golder Rauner LLC.

Cellnet has a long history of innovation, leadership, and commitment to the utility industry. The company sells both equipment and managed services to the electricity, water and gas industries. With its first network installed over 10 years ago, Cellnet has a proven track record of reliability and service excellence. Every day, Cellnet reads more than 11 million commercial, industrial and residential meters for its customers across the United States.

Cellnet is renowned for its product quality and technological leadership in both one-way and twoway connectivity. Its flexible business model and partnerships with the leading meter manufacturers (including Itron, Landis+Gyr, GE, Elster and Sensus) offer its customers a wide range of metering solutions, which Bayard supports.

Based in Atlanta, GA Cellnet has been serving the American utility industry since 1985. The company currently employs approximately 450 people.

Mr. Cameron O'Reilly, Managing Director of Bayard, said, "We are delighted to have this opportunity to acquire Cellnet. Bayard is backed by internationally respected long-term investors and we are committed to supporting the further development of Cellnet's technology and enhancement of its excellent partner and customer relationships for the benefit of current and future customers. Cellnet technology will complement the meter and AMR technologies currently available from Bayard. Thus, we anticipate technology and manufacturing synergies from the transaction that will also benefit our partners and customers."

Mr. Mike Zito, chief executive officer of Cellnet, remarked, "We look forward to being able to offer Cellnet's leading products and services to Bayard's growing customer base. In joining with the Bayard Group, Cellnet is positioned to continue delivering on its vision for the AMR market and on its commitments to customers and partners."

Bayard's advisors for this transaction were Macquarie Securities (USA) Inc., Cherry Tree Securities, LLC, Baker & McKenzie LLP, and Deloitte.

SOURCE: Bayard Group