Enermet becomes a part Bayard Group

Bayard Group has signed an agreement with Enermet Group Oy’s current owners, Industri Kapital, Fortum Oyj and MB Funds to acquire Enermet Group Oy.

Bayard Group is a Sydney-based global investor in energy measurement and efficiency technologies. The investment in Enermet follows a recent announcement by Bayard of acquisition of Hunt Technologies, Inc, a leading developer of Advanced Metering technologies in the United States. Already earlier well-known metering companies Landis + Gyr and Ampy Email Metering have joined the Bayard Group. Bringing these experts under one Bayard will bring considerable synergies and benefits to the customers.

Headquartered in Finland, Enermet is one of the world’s leading suppliers of automatic meter reading (AMR) and load management systems. The company offers customers a wide range of AMR systems and software deploying GSM/GPRS, power line carrier and LAN communication technologies. The company’s net sales in 2005 were EUR 75 million and it employs 265 highly skilled professionals.

“We look forward to becoming a part of the Bayard Group and to continue to grow and expand our business”, commented Staffan Simberg, CEO of Enermet Group Oy. ”With Bayard Enermet has even stronger resources than before for the benefit of our customers.”

Antti Aumo, Vice President, R&D Metering Solutions and Jan Wasastjerna, Vice President, Sales from Enermet stated: ”Enermet is the Nordic market leader and the recognised technology and service leader in advanced AMR solutions. Becoming a part of Bayard Group gives us a significant boost to turning these unique competences into a worldwide success. For our customers we can now offer wider support and service network as well as product portfolio.”

“By focusing our dynamic load management business on selected markets we have achieved a clear leadership position in those markets”, commented Steve Jeston, Vice President and Head of Load Management, “we now have a great opportunity to utilise our expertise in demand side management within the Bayard Group and further develop the business.”

Cameron O’Reilly, Managing Director of Bayard Group, commented: “We are delighted to welcome Enermet into the Bayard Group. Enermet has a first-class management team, technologies, brand and track record.”

Enermet’s core AMR markets are expected to grow rapidly over the next five years and Bayard is committed to supporting the company in capturing a significant share of this fast growing market as well as gaining a strong presence in AMR market emerging elsewhere.

“We intend to use our global resources to accelerate Enermet’s growth”, says Cameron O’Reilly.

The transaction is subject to regulatory approvals.

Contacts:

Staffan Simberg
CEO, Enermet Group Oy
+ 358 500 209 216

Cameron O’Reilly
Managing Director, Bayard Group
+ 61 2 9221 5000