MINNEAPOLIS, MINNESOTA: Cherry Tree Securities is pleased to announce the completed sale of its privately-held client, Hunt Technologies, Inc. (“Hunt” or the “Company”), to Sydney, Australia-based Bayard Group (“Bayard”).
Hunt Technologies is a global supplier of advanced metering infrastructure (“AMI”) and meter monitoring technology for utility customers. Hunt provides power line carrier (“PLC”) and RF-technology for monitoring electric, water and gas meters.
Multiple domestic and international potential acquirers submitted bids for Hunt Technologies, which has achieved a global leadership position in the past several years. Bayard Group was especially interested because of the strategic fit with their smart metering portfolio companies, Landis+Gyr and Ampy Email.
Todd Headlee, Hunt Technologies’ CEO, stated, “the Hunt management team is excited by this opportunity. 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 meters. 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.”
Cameron O’Reilly, Managing Director of Bayard, stated, “Internationally, we see substantial opportunities for Hunt to grow and intend to support investment in this area. We have made special binding commitments regarding the continuation of the Company’s facilities at Pequot Lakes in the United States, and the continued employment of its staff, which currently number 175.”
Chuck Gorman, Managing Director of Cherry Tree Securities, commented, “The acquisition of Hunt Technologies provides Bayard Group with one of the leading players in the AMI industry. The Company uniquely features key proprietary technologies that provide both power line and radio frequency technologies. Combined with a talented management team and growing international demand, this is an extremely attractive platform for the future growth plans of Bayard Group. We are eager to watch how these two companies will continue to grow and expand their global leadership position.”
Hunt Technologies, Inc. (www.hunttechnologies.com), headquartered in Pequot Lakes, MN, uses innovative technology to provide a wide range of possibilities for utilities seeking AMI solutions. Hunt provides PLC and RF-technology for monitoring electric, water and gas meters. Hunt develops and supports hardware and software for more than 480 utility customers worldwide.
Bayard Group (www.bayard.com.au), based in Sydney, Australia, has committed over $375 million to the energy measurement and efficiency sector since its establishment in 2002. Bayard’s combined investments have an annual revenue base 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.
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.
If you would like more information about this transaction, contact Chuck Gorman, firstname.lastname@example.org, 952.893.9012.