GTCR Completes Sale of Cellnet to Bayard Group.CHICAGO -- GTCR GTCR Glacier Travel and Crevasse Rescue , a leading private equity firm, today announced that it has completed the sale of Cellnet, a major provider of energy measurement and efficiency technologies, to Bayard Group for approximately $705 million. Cellnet provides Automated Meter Reading (AMR (1) (Adaptive Multi-Rate) A variable rate speech codec selected by the 3GPP for the 3G evolution of the GSM cellphone system (WCDMA). Using the Algebraic CELP (ACELP) compression technology, AMR provides toll quality sound at transmission rates from 4.75 to 12. ) for utility companies. Cellnet's AMR network reads over 11 million gas, water and electric meters for its utility customers each month. GTCR partnered with Cellnet CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Mike Zito to purchase the company in 2004. "Since its inception, Cellnet has seen outstanding success," said GTCR Principal Phil Canfield. Mike's combined vision and experience have made him an excellent business partner, and we are glad to have furnished him with the resources to purchase Cellnet and preside over its rapid growth." "I am thrilled to have been able to work with GTCR to build this company," said Cellnet CEO Mike Zito. "GTCR has an extensive history of working seamlessly with executives to grow leading companies, and this was certainly no exception." "It has been an exciting several years to be partners with Mike Zito and the Cellnet management team," added GTCR Principal Craig Bondy. "Helping to transform Cellnet into an independent company again during a period of dynamic industry change has been rewarding. Bayard represents a logical home for the company as it continues to grow and evolve." Cellnet's advisors were Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. and Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. . Legal counsel was provided by Kirkland & Ellis LLP LLP - Lower Layer Protocol . About GTCR Founded in 1980, is a leading private equity investment firm and long-term 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. About Cellnet Cellnet provides intelligent communication and automation solutions to energy and water businesses worldwide. The company's offerings include advanced metering infrastructure Advanced Metering Infrastructure (AMI) or Advanced Metering Management (AMM) refers to systems that measure, collect and analyse energy usage, from advanced devices such as electricity meters, gas meters, and/or water meters, through various communication media on request or , in-premise networks, automated meter reading, SCADA (Supervisory Control And Data Acquisition) A process control application that collects data from sensors and machines on the shop floor or in remote locations and sends them to a central computer for management and control. 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 Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. 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 Dubai International Capital (DIC) was established in October 2004 as the international investment arm of Dubai Holding. DIC, while focused on the private equity asset class, operates through three divisions:
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