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Investcorp, a global investment group, announced that it has acquired, through an affiliate, substantially all of the North American water meter assets of Schlumberger. The transaction involves the equity ownership and continuing leadership of the senior management of Schlumberger's North American water business. The new company will be called Neptune Technology Group.
Founded in 1886 as Thomson Meter Co., and in 1892 renamed as the Neptune Meter Company, Neptune Technology Group is a leader in the North American water works industry. Through its network of direct sales personnel and distributors, the company provides water utilities with a comprehensive product offering of water meters and advanced meter reading systems. Neptune is headquartered in Tallassee, Alabama, where it also operates its principal manufacturing facility.
In a related transaction announced today, an affiliate of Investcorp also acquired a one-third interest in DAP Technologies, Ltd. from Schlumberger Canada Limited. DAP is a leading designer and manufacturer of rugged handheld computers for use in applications such as utility meter reading, as well as a variety of industrial field related uses. In addition, Investcorp received an option from certain other stockholders of DAP to purchase an additional one-third interest in DAP Technologies. The interest in DAP will be owned by a subsidiary of Neptune Technology Group Inc.
Steve Puccinelli, a member of Investcorp's Management Committee, said, "We look forward to working with the management of Neptune Technology Group as they lead their North American water meter business to continued success. The company's market leading products, its focus on serving customers and distributors, and its respected management team led by Charles DiLaura were key factors in our decision to acquire Schlumberger's Neptune water meter assets. As in the other corporate investments we have made over the past 20 years, Investcorp will seek to provide resources that will help Neptune achieve its strategic goals of continued industry leadership and growth."
Charles C. DiLaura, President and CEO of the newly established Neptune Technology Group Inc., said, "As an independent, standalone enterprise, Neptune will have greater flexibility to anticipate and respond to our customers' needs, and better focus on further developing our metering and meter reading technologies. In addition, Investcorp's support of an investment in DAP Technologies will further strengthen our research and technology capabilities through our partnership with a key supplier to Neptune."