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 has a long history of innovation, leadership, and commitment to the utility industry. The company sells both equipment and managed services to the electricity, water and gas industries. With its first network installed over 10 years ago, Cellnet has a proven track record of reliability and service excellence. Every day, Cellnet reads more than 11 million commercial, industrial and residential meters for its
customers across the United States.

Cellnet is renowned for its product quality and technological leadership in both one-way and twoway connectivity. 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, GA Cellnet has been serving the American utility industry since 1985. The company currently employs approximately 450 people.

Mr Cameron O’Reilly, Managing Director of Bayard, said, “We are delighted to have this opportunity to acquire Cellnet. Bayard is backed by internationally respected long-term investors and we are committed to supporting the further development of Cellnet’s technology and enhancement of its excellent partner and customer relationships for the benefit of current and future customers. Cellnet technology will complement the meter and AMR technologies currently available from Bayard. Thus, we anticipate technology and manufacturing synergies from the transaction that will also benefit our partners and customers.”

Mr. Mike Zito, chief executive officer of Cellnet, remarked, “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.

About Cellnet
Cellnet provides intelligent communication and automation solutions to energy and water businesses worldwide. The company’s offerings include advanced metering infrastructure, inpremise 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 visit www.cellnet.com or contact Paige Besson in Cellnet Corporate Communications at: (678) 258-1500

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.

The current principal shareholders of Bayard Group are interests associated with DB Capital Partners (the private equity arm of Deutsche Asset Management in Australia), Allianz Capital Partners, Douglas Myers, John B. Fairfax, Sofina S.A., Dubai International Capital, Kerry Stokes, Sir Anthony O’Reilly, the Jack and Robert Smorgon Families, Carla Zampatti, Cameron O’Reilly, Sears Wiederkehr, and John Caldon. For more information on Bayard Group, visit www.bayard.com.au.

About GTCR
Founded in 1980, GTCR Golder Rauner, LLC is a leading private equity investment firm and longterm 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.