The Resolute Fund L.P., a private equity fund managed by The Jordan Company, and GS Capital Partners 2000 L.P., a private equity fund managed by Goldman, Sachs & Co., have completed the acquisition of Invensys Metering Systems from Invensys plc. Completion comes approximately six weeks after announcing the purchase agreement. The new international company has been named Sensus Metering Systems Inc.
The transaction was completed for gross cash consideration of approximately $650 million. Sensus Metering Systems Inc. is a worldwide leader in advanced metering and communications solutions for the utility industry. The company also has two linked businesses, Smith-Blair Inc., which produces pipe joining and pipe repair products for the water and gas utility markets and Sensus Precision Die Casting Inc., which produces precision aluminum die castings. Sensus Metering Systems Inc. generated sales of approximately $510 million for the fiscal year ended March 31, 2003.
"We are pleased that the sale has been completed in the projected timeframe and we can now focus our full attention to advancing our business strategy," comments Dan Harness, president of the new Sensus Metering Systems Inc. "We are anxious to advance our technology leading solutions for our AMR, water, heat, gas and electric metering systems customers, as well as continue to grow Smith-Blair and Sensus Precision Die Casting."
"We have met our first target of completing the purchase of the business by the end of the year", says Jonathan F. ("Jeb") Boucher, managing director at The Jordan Company. "As we said earlier, we have great confidence in the entire Sensus management team and all of their operations. We are very excited about working with them to grow the business, advance the technologies and deliver solid customer value."
Source: Sensus Metering Systems Inc.