GTCR Completes Sale of Cellnet to Bayard Group
CHICAGO, January 25, 2007 – GTCR, a leading private equity firm, today announced that it has completed the sale of Cellnet, a major provider of energy measurement and efficiency technologies, to Bayard Group for approximately $705 million. Cellnet provides Automated Meter Reading (AMR) for utility companies. Cellnet’s AMR network reads over 11 million gas, water and electric meters for its utility customers each month. GTCR partnered with Cellnet CEO Mike Zito to purchase the company in 2004.
“Since its inception, Cellnet has seen outstanding success,” said GTCR Principal Phil Canfield. Mike’s combined vision and experience have made him an excellent business partner, and we are glad to have furnished him with the resources to purchase Cellnet and preside over its rapid growth.”
“I am thrilled to have been able to work with GTCR to build this company,” said Cellnet CEO Mike Zito. “GTCR has an extensive history of working seamlessly with executives to grow leading companies, and this was certainly no exception.”
“It has been an exciting several years to be partners with Mike Zito and the Cellnet management team,” added GTCR Principal Craig Bondy. “Helping to transform Cellnet into an independent company again during a period of dynamic industry change has been rewarding. Bayard represents a logical home for the company as it continues to grow and evolve.”
Cellnet’s advisors were Morgan Stanley and Goldman Sachs. Legal counsel was provided by Kirkland & Ellis LLP.
Founded in 1980, GTCR Golder Rauner, LLC is a leading private equity investment firm and long-term strategic partner for outstanding management teams. The Chicago-based firm pioneered the investment strategy of identifying and partnering with exceptional executives to acquire and build companies through a combination of acquisitions and strong internal growth. GTCR currently manages more than $8 billion of equity capital invested in a wide range of companies and industries. More information about GTCR can be found at www.gtcr.com.
Cellnet provides intelligent communication and automation solutions to energy and water businesses worldwide. The company’s offerings include advanced metering infrastructure, in-premise networks, automated meter reading, SCADA and distribution automation. Cellnet’s proven record of delivering customer value is supported by 13 million endpoints under contract and contracted revenue of $2.2 billion over fifteen years. For more information please visit www.cellnet.com or contact Paige Besson in Cellnet Corporate Communications at: 678.258.1500.