Chicago, IL, Jan. 26, 2007 — GTCR, a private equity firm, announced that it has completed the sale of Cellnet, a provider of energy measurement and efficiency technologies, to Bayard Group for approximately $705 million.
Cellnet provides automated meter reading (AMR) 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 Mike Zito to purchase the company in 2004.
Cellnet’s advisors were Morgan Stanley and Goldman Sachs. Legal counsel was provided by Kirkland & Ellis LLP.
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