Cellnet, a provider of real-time Automated Meter Reading (AMR) and Distribution Automation (DA) technologies, Monday announced that its management, led by Mike Zito, has teamed with GTCR Golder Rauner, LLC, a private equity firms, to acquire Cellnet from Atos Origin for an undisclosed price. The business will operate as an independent entity led by existing management and will continue to market itself under the Cellnet brand. Kirkland & Ellis, LLP advised GTCR on the transaction.

Cellnet provides the data services and builds the AMR networks for electric, water, and gas utilities of all sizes. Cellnet serves its utility customers through long-term meter reading managed service contracts currently valued at over $2 billion. The Cellnet wireless networks read nearly 10 million utility meters daily for customers in 11 major metropolitan areas across the United States including Philadelphia, Seattle, Minneapolis, St. Louis, Kansas City, Milwaukee, Indianapolis, Pittsburgh, New Haven, Austin, and Jacksonville.

“The management team at Cellnet has done an outstanding job of turning this company around and we are excited to partner with them to take advantage of the many strong growth opportunities in the utility industry as well as emerging uses of fixed-network radio frequency technology. Our investment in Cellnet is a clear example of GTCR’s strategy of backing exceptional executives to build dominant companies over time through acquisitions and strong internal growth,” added Craig Bondy, vice president of GTCR.

“The sale of Cellnet is consistent with our strategy to focus on our core IT services business of managed operations, systems integration, and consulting in the vertical and geographic markets in which we have expertise and strength,” said Paul Stewart, EVP and CEO of Atos Origin Americas.