M&A Deal Summary

Itron Acquires SmartSynch

On May 1, 2012, Itron acquired communications company SmartSynch from Endeavor Capital Management and Lime Rock Partners for 100M USD

Acquisition Highlights
  • This is Itron’s 1st transaction in the Communications sector.
  • This is Itron’s 4th largest (disclosed) transaction.
  • This is Itron’s 4th transaction in the United States.
  • This is Itron’s 1st transaction in Mississippi.

M&A Deal Summary
Date 2012-05-01
Target SmartSynch
Sector Communications
Buyer(s) Itron
Sellers(s) Endeavor Capital Management
Lime Rock Partners
Deal Type Add-on Acquisition
Deal Value 100M USD

Target

SmartSynch

Jackson, Mississippi, United States
website
SmartSynch, is a provider of point-to-point smart grid solutions that utilize a cellular network for communications, has more than 130 customers, including nine of the top ten utilities in North America. Most recently, SmartSynch’s technology was selected by Consumers Energy to meet the needs of a full cellular smart grid network deployment for 1.9 million electric residential and commercial & industrial customers.

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Buyer(S) 1

Buyer

Itron

Liberty Lake, Washington, United States

website

Category Company
Founded 1977
Sector Test/Measurement Equipment
Employees4,822
Revenue 1.8B USD (2022)
DESCRIPTION

Itron is a technology and services company dedicated to the resourceful use of energy and water. Company provide comprehensive solutions that measure, manage and analyze energy and water. Itron was founded in 1977 and is based in Liberty Lake, Washington.

DEAL STATS #
Overall 7 of 10
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 7 of 10
State (Mississippi) 1 of 1
Country (United States) 4 of 7
Year (2012) 1 of 1
Size (of disclosed) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-04 C&N Engineering

Pennsylvania, United States

C&N Engineering, LLC designs and manufactures the GasGate shut-off valve.This flexible product can be used in both residential and commercial applications and is designed to take advantage of a variety of communication options.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-01 Comverge

Norcross, Georgia, United States

Comverge, Inc. is a provider of an integrated set of demand response, energy efficiency and customer engagement solutions that enable electric utilities to ensure grid reliability, lower energy costs, meet regulatory demands and enhance the customer experience. Comverge was founded in 1974 and is based in Norcross, Georgia.

Buy $100M

Seller(S) 2

SELLER

Endeavor Capital Management

Portland, Oregon, United States

website

Category Private Equity Firm
Founded 1988
Size Small
Type Sector Agnostic
DESCRIPTION

Endeavor Capital Management is a private investment firm that targets expansion investments and buyout opportunities valued up to $50 million. Endeavor also looks to acquire portfolios of expansion stage companies from individual, corporate or other private equity investors. Endeavor prefers opportunities located in North America and Europe, and targets businesses operating in the environmental technologies, energy/utilities, communications, software, business process outsourcing, and technology oriented manufacturing and service sectors. The Firm looks to commit $500k to $5 million per transaction. Endeavor Capital Management was formed in 1988 and is based in Westport, Connecticut.

DEAL STATS #
Overall 4 of 4
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 4 of 4
State (Mississippi) 1 of 1
Country (United States) 3 of 3
Year (2012) 2 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-12 SoftSwitching Technologies

Middleton, Wisconsin, United States

SoftSwitching Technologies Corp. is a provider of efficient and economical power conditioning and power quality solutions that correct short duration power quality events, enhance the availability and reliability of Uninterruptible Power Supply systems, controls electricity supply from distributed resources, and collects and compiles data on the connection between a customer premise and a utility grid.

Sell -
SELLER

Lime Rock Partners

Westport, Connecticut, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1998
PE ASSETS 8.9B USD
Size Mega
Type Sector Focused
DESCRIPTION

Lime Rock Partners is a private investment firm focused on growth capital investments in the energy industry. Specifically, Lime Rock looks for companies engaged in exploration & production, energy service, and oil service technology in North America and Europe. Lime Rock's target investment size is $50 to $150 million in businesses valued up to $500 million. Lime Rock Partners was formed in 1998 and is affiliated with Lime Rock Resources. Lime Rock Partners has offices in Westport, Connecticut; Aberdeen, Scotland; and Houston, Texas.

DEAL STATS #
Overall 17 of 57
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 9 of 24
State (Mississippi) 1 of 1
Country (United States) 6 of 27
Year (2012) 1 of 3
Size (of disclosed) 13 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-01 Braden Exploration II

Fort Worth, Texas, United States

Braden Exploration II is an independent oil and gas producing company focused on opportunities in Texas, Oklahoma, and New Mexico.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-02 Lafeyette Workboat Holdings

Broussard, Louisiana, United States

Lafayette Workboat Holdings provides marine transportation services to the oil and gas and other sectors in the Gulf of Mexico, Gulf Intracoastal Waterway, and lower Mississippi River markets. Lafayette provides workboats for the oil and gas industry and towboats to transport barges and other equipment for a variety of sectors. Lafeyette Workboat Holdings is based in Broussard, Louisiana.

Sell -
Mergr

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