Bayard Group, a global investor in energy measurement and efficiency technologies, today 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 sells both equipment and managed services to the electricity, water and gas industries. Every day, Cellnet reads more than 11 million commercial, industrial and residential meters for its customers across the United States. 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, Georgia, Cellnet has been serving the American utility industry since 1985. The company currently employs approximately 450 people.
Mike Zito, chief executive officer of Cellnet, said “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.