New company now Sensus Metering Systems Inc.
RALEIGH, N.C., Jan. 13, 2004 -- 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. announce that they 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."
About Sensus Metering Systems Inc.
Sensus Metering Systems is comprised of a metering business and two linked businesses, Smith-Blair and Sensus Precision Die Casting. The metering business is involved in advanced metering and communications solutions for the worldwide utility industry.
It is the world's largest manufacturer of water meters and has a substantial share of sales of automatic meter reading ("AMR") devices through its sale of advanced, proprietary AMR systems to North American water utilities. In addition to water meter solutions, the metering business is a global leader in gas and heat meter solutions and recently entered the North American electricity meter market.
Smith-Blair is a North American producer of clamps and couplings used by water and natural gas utilities to join and repair pipe. Sensus Precision Die Casting is a premier supplier of precision-manufactured, thin-wall aluminum die-castings, which are used internally for gas meter housings and sold externally to Tier I automotive suppliers.
The business is headquartered in Raleigh, North Carolina and operates 13 primary manufacturing facilities in 8 countries worldwide.
About The Jordan Company
The Jordan Company, L.P. is a New York-based investment firm with approximately $2.5 billion of capital under management that has been sponsoring and investing in middle market leveraged buyout transactions for more than 20 years. The Jordan Company currently has a portfolio of investments in over 20 businesses representing more than $4.0 billion in annual revenue.
About GS Capital Partners 2000 L.P.
GS Capital Partners 2000 L.P. is a $5.25 billion private equity fund and is the current primary investment vehicle of Goldman, Sachs & Co. for making long-tem investments in equity and equity-related securities in privately negotiated transactions.
Sensus Metering Systems Inc.
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