Raleigh-based Sensus USA, a provider of smart water and electric meters for utilities, is for sale and could bring as much as $1.7 billion, according to a news report.
Sensus has been a global pioneer in development of hardware and software to provide real-time data for utility companies and other customers such as municipalities.
The company, which is privately held, itself acquired two other ventures over the past two years.
Reuters first reported the story Thursday, citing “four people familiar with the matter.”
Sensus is owned by private equity firm The Jordan Company LP. Its annual earnings are some $150 million, according to the report. Sensus reported revenue of $850 million in 2015, Reuters added, noting data from Moody’s Investors Service.
The unnamed sources say the owner is working with Goldman Sachs Group and Credit Suisse Group in search of a buyer.
“The sale process comes as smart metering companies become coveted assets amid regulatory and financial pressure to increase energy efficiency,” Reuters pointed out, noting that Sensus rival Elster was sold in January for $5.1 billion.
Elster’s U.S. headquarters is located in Raleigh.
Read the Reuters report at:
http://www.reuters.com/article/us-sensus-m-a-exclusive-idUSKCN0YA2M4
