Bayard Group

Bayard Group Completes Cellnet Acquisition

MINNEAPOLIS, January 29, 2007 — Cherry Tree Securities is pleased to announce that its client, Bayard Group of Sydney, Australia, has received FTC approval and completed the acquisition of Cellnet Technology, Inc. of Alpharetta, Georgia from GTCR Golder Rauner, LLC of Chicago, Illinois, for $704.5 million.

Cellnet has a long history of innovation, leadership, and commitment to the utility industry. The company sells both equipment and managed services to the electricity, water and gas industries. With its first network installed over 10 years ago, Cellnet has a proven track record of reliability and service excellence. Every day, Cellnet reads more than 11 million commercial, industrial and residential meters for its customers across the United States.

TRANSACTION HIGHLIGHTS
Cherry Tree has built an active investment banking practice in the smart metering and energy efficiency industries. Following Cherry Tree’s representation of Hunt Technologies in its sale to Bayard Group in March 2006, Cameron O’Reilly, Managing Director of Bayard, tapped Cherry Tree to advise in its acquisition of Cellnet.

Cameron O’Reilly, Managing Director of Bayard, said, “We are delighted to have this opportunity to acquire Cellnet. Bayard is backed by internationally respected long-term investors and we are committed to supporting the further development of Cellnet’s technology. This is Bayard’s largest acquisition to date, and we are fully committed to the long-term growth of Cellnet.”

Chuck Gorman, Managing Director of Cherry Tree, said, “Bayard Group continues to establish itself as a technology and service leader in the global smart metering industry with the acquisition of Cellnet. This is their sixth significant acquisition in this marketplace and the synergies between the operating units are already being recognized. A new global leader is rapidly emerging!”

THE BUYER
Since its establishment in 2002, Bayard has committed over US$1 billion to the energy measurement and efficiency sector. Bayard’s combined investments have an annual revenue base of approximately US$1.1 billion with operations in 30 countries, and include Landis+Gyr, the world’s largest electricity metering company, and Hunt Technologies, the US-based AMR company. Bayard is dedicated to investing in smart metering and related energy efficiency businesses 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, Kerry Stokes, Sir Anthony O’Reilly, the Jack and Robert Smorgon Families, Carla Zampatti, Cameron O’Reilly, Sears Wiederkehr, and John Caldon. For more information on Bayard Group, visit www.bayard.com.au.

THE COMPANY
Cellnet provides intelligent communication and automation solutions to energy and water businesses worldwide. The company’s offerings include advanced metering infrastructure, in-premise networks, automated meter reading, SCADA and distribution automation. Cellnet’s proven record of delivering customer value is supported by 13 million endpoints under contract and contracted revenue of $2.2 billion over fifteen years. For more information visit www.cellnet.com or contact Paige Besson in Cellnet Corporate Communications at: 678.258.1500.

THE SELLER
Founded in 1980, GTCR is a leading private equity investment firm and long-term strategic partner for outstanding management teams. The Chicago-based firm pioneered the investment strategy of identifying and partnering with exceptional executives to acquire and build companies through a combination of acquisitions and strong internal growth. GTCR currently manages more than $8 billion of equity capital invested in a wide range of companies and industries. More information about GTCR can be found at www.gtcr.com.

ABOUT CHERRY TREE
Cherry Tree Securities (www.cherrytree.com) is a private investment banking firm providing sophisticated corporate advisory services to middle market businesses. The firm’s services include mergers and acquisitions, private placements of debt and equity, and valuations and fairness opinions. The firm operates from its headquarters in Minneapolis, MN.