Cellnet acquired by Bayard Group

Atlanta, GA, Dec. 4, 2006 — Bayard Group, a global investor in energy measurement and efficiency technologies, announced the acquisition of Cellnet, an automated meter reading (AMR) solutions company, for $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. The company’s business model and partnerships with meter manufacturers (including Itron, Landis+Gyr, GE, Elster and Sensus) offer its customers a range of metering solutions, which Bayard supports. Based in Atlanta, Cellnet currently employs approximately 450 people.

“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,” said Cameron O’Reilly, managing director of Bayard.

Mike Zito, CEO of Cellnet, remarked, “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 Inc., Cherry Tree Securities, LLC, Baker & McKenzie LLP, and Deloitte.

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