Bayard Group Acquires Cellnet

Atlanta, GA — Cellnet has announced that the company has entered into an agreement to be acquired by Bayard Group, the leading global investor in energy measurement and efficiency technologies.

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. Everyday, Cellnet reads more than 11 million commercial, industrial and residential meters for its customers across the United States.

Cellnet's flexible business model and partnerships with leading meter manufacturers including Itron, GE, and Landis+Gyr offer its customers the widest possible range of AMR and advanced metering solutions. Cellnet's UtiliNet products support advanced metering infrastructure and distribution automation applications at over 200 utilities worldwide.

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."

Mr. Cameron O'Reilly, Managing Director of Bayard, said, "We are delighted to have this opportunity to invest in Cellnet. Bayard is backed by internationally respected long- term investors and is committed to supporting Cellnet in further developing its technology for the benefit of its current and future customers."

The transaction is subject to customary regulatory review. Cellnet's advisors were Morgan Stanley and Goldman Sachs. Legal counsel was provided by Kirkland & Ellis, LLP.

SOURCE: Cellnet