M&A Deal Summary

Bayard Group Acquires Cellnet Technology

On January 25, 2007, Bayard Group acquired utilities company Cellnet Technology from GTCR for 705M USD

Acquisition Highlights
  • This is Bayard Group’s 1st transaction in the Utilities sector.
  • This is Bayard Group’s largest (disclosed) transaction.
  • This is Bayard Group’s 2nd transaction in the United States.
  • This is Bayard Group’s 1st transaction in Georgia.

M&A Deal Summary

Date 2007-01-25
Target Cellnet Technology
Sector Utilities
Buyer(s) Bayard Group
Sellers(s) GTCR
Deal Type Add-on Acquisition
Deal Value 705M USD
Advisor(s) Morgan Stanley
Goldman Sachs (Financial)
Kirkland & Ellis (Legal)

Target

Cellnet Technology

Alpharetta, Georgia, United States
Cellnet is a provider of real-time automated meter reading and distribution automation solutions to the utility industry. The Company supplies gas, water, and electric utilities with highly reliable, field-proven products that enable them to communicate with residential, commercial, and industrial meters using wireless and IP network communications.

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Buyer(S) 1

Buyer

Bayard Group

Australia

Category Company
Founded 2002
Sector Test/Measurement Equipment
DESCRIPTION

About Bayard Group Since its establishment in 2002, Bayard has committed over US$1 billion to the energy measurement and efficiency sector. Bayard's combined investments have an annual revenue base of approximately US$1.1 billion with operations in 30 countries, and include Landis+Gyr, the world's largest electricity metering company, and Hunt Technologies, the US-based AMR company. Bayard is dedicated to investing in smart metering and related energy efficiency businesses that can contribute to better environmental outcomes.


DEAL STATS #
Overall 3 of 3
Sector (Utilities) 1 of 1
Type (Add-on Acquisition) 3 of 3
State (Georgia) 1 of 1
Country (United States) 2 of 2
Year (2007) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-10 Enermet Group Oy

Zug, Switzerland

Enermet Group is a suppliers of energy metering systems. The company develops, produces and markets comprehensive new generation systems for the metering of energy, the control of its use and the refinement and management of metering data. Enermet has branches in ten countries around the globe.

Buy €90M

Seller(S) 1

SELLER

GTCR

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1980
PE ASSETS 15.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

GTCR is a private equity firm that typically partners with management when pursuing acquisitions. The Firm looks to grow companies through build-on acquisitions, consolidations, and internal growth. GTCR will consider both equity and mezzanine capital commitments and concentrates its investment activity in consumer products & services, healthcare services, outsourced business services, technology, transaction processing, and pharma/medical products. GTCR was formed in 1980 and is based in Chicago, Illinois.


DEAL STATS #
Overall 21 of 84
Sector (Utilities) 1 of 1
Type (Add-on Acquisition) 12 of 40
State (Georgia) 2 of 5
Country (United States) 21 of 81
Year (2007) 2 of 5
Size (of disclosed) 18 of 33
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-17 HSM Electronic Protection Services Inc

Columbus, Ohio, United States

HSM Electronic Protection Services, Inc is a leading provider of electronic security monitoring services in the United States. The Company provides design, installation, maintenance, and monitoring services for electronic security systems to commercial and residential customers. Based in Lisle, Illinois, HSM is led by James Covert, a veteran of the security monitoring business.

Sell $545M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-14 TransFirst

Hauppauge, New York, United States

TransFirst LLC is a provider of secure transaction processing services and payment enabling technologies.

Sell $683M