SOURCE: Hunt Technologies

March 02, 2006 16:00 ET

Hunt Technologies Announces Acquisition by Bayard Group; Transaction Positions Hunt to Accelerate AMI Growth Strategy

PEQUOT LAKES, MN -- (MARKET WIRE) -- March 2, 2006 -- Hunt Technologies, a global supplier of AMI (advanced metering infrastructure) and meter monitoring technology, announced a signed acquisition agreement with the Bayard Group, a global investor specializing in the energy measurement and efficiency technologies sectors.

The agreement allows Hunt Technologies to remain as an independent operating company, while providing capital resources for further expansion of its AMI business in both the domestic and international markets. Hunt will continue to be operated by its current management team and maintain its headquarters in Pequot Lakes, MN. Todd Headlee, currently chief operating officer at Hunt, will assume the role of chief executive officer effective immediately after closing.

"The Hunt management team is excited by this opportunity," Headlee said. "The Bayard Group is committed to providing the necessary resources for us to continue outpacing industry growth rates, while developing technology for the future of smart metering. We will maintain our leadership position through dedication to first-class product development and customer service for our many rural electric cooperative, investor-owned, and public utility customers."

According to Headlee, Hunt Technologies will maintain its current business model and remain vendor neutral with regard to its business alliances and partnerships within the metering industry. "We will continue to provide the broadest meter platform compatibility for our entire product line," he said, adding that Hunt's portfolio of technologies for monitoring electric, water and gas meters is the most inclusive in the industry.

Cameron O'Reilly, Managing Director of Bayard, stated that the Bayard Group's investment in Hunt is a long-term investment consistent with other investments the group has made in the energy measurement sector. "We see substantial opportunities for Hunt to grow internationally and intend to support investment in this area," he said.

According to O'Reilly, Hunt Technologies will continue to operate from its current facilities in Pequot Lakes. "As part of our purchase agreement, we have made special binding commitments regarding the continuation of the Pequot Lakes facilities and the continued employment of Hunt staff," O'Reilly said.

Bruce Kraemer, CEO of Crow Wing Power, the majority selling shareholder, and CEO of Hunt for the past five years, stated, "The time for Hunt to continue rapid growth with a strong global investor became clear to the board of directors over the past 12 months. The Bayard Group is an experienced and committed investor who will continue to support the company's momentum."

Hunt Technologies, which was founded by Paul Hunt in 1987, will remain privately held. In 1994, Hunt Technologies launched the first power line carrier-based automatic meter reading (AMR) system to be broadly deployed by electric utilities. Since then, the company has added a radio frequency-based mobile AMR system and a multi-utility system that reads electric, water and gas meters. The company currently is one of the leading fixed network AMI providers in the industry.

Hunt's advisors in the transaction were Cherry Tree Securities LLC, Dorsey & Whitney, and Brady Martz.

About Hunt Technologies, Inc.

Hunt Technologies uses innovative technology to provide a wide range of possibilities for utilities seeking AMI (advanced metering infrastructure) solutions. Hunt provides power line carrier and RF-technology for monitoring electric, water and gas meters. Based in central Minnesota, Hunt develops and supports hardware and software for more than 480 customers worldwide. For more information on Hunt Technologies, visit www.hunttechnologies.com.

About Bayard Group

Since its establishment in 2002, Bayard has committed over $375 million to the energy measurement and efficiency sector. Bayard's combined investments have an annual revenue base already in excess of $650 million with operations in 27 countries. Bayard is dedicated to investing in areas such as smart metering that can contribute to better environmental outcomes.

The current principal shareholders of Bayard Group are interests associated with: DB Capital Partners (the private equity arm of Deutsche Asset Management in Australia), Allianz Capital Partners, Douglas Myers, John B. Fairfax, Sofina S.A., Dubai International Capital, Sir Anthony O'Reilly, Kerry Stokes, Carla Zampatti, the Jack and Robert Smorgon Families, Cameron O'Reilly, and Sears Wiederkehr. For more information on Bayard Group, visit www.bayard.com.au

Contact Information

  • CONTACT:
    Dan Jacobson
    Hunt Technologies, Inc.
    218-562-5195
    Email Contact