Baird served as a co-manager in this offering
AboutElster Group SE (“Elster” or the “Company”)(NYSE: ELT), a portfolio company of CVC Capital Partners Ltd., recently completed a follow-on offering of 18,400,000 American Depositary Shares (“ADS”) at $15.00 per ADS. All shares offered were sold by selling stockholders, resulting in gross proceeds of approximately $276.0 million. The Company will not receive any proceeds from this offering.
Elster, headquartered in Essen, Germany, is one of the world’s largest providers of gas, electricity and water meters and related communications, networking and software solutions. The Company’s products and solutions are used to accurately and reliably measure gas, electricity and water consumption as well as enable energy efficiency and conservation. Elster believes it has one of the most extensive installed meter bases in the world, with more than 200 million meters deployed over the course of the last ten years. L.E.K. Consulting GmbH estimates that in 2009 Elster had the largest global market share by revenues in the gas meter market, were one of the three largest water meter providers in the world by revenues and had the third largest share by revenues in the electricity meter market. The Company’s product portfolio also includes EnergyAxis, its comprehensive portfolio of Smart Grid solutions, which can be customized by incorporating meters, meter and network communications technologies, meter data management software and advanced applications. Elster sells its products and solutions in more than 130 countries for use in a variety of settings. Demand for the Company’s products and solutions is driven by natural replacement cycles, urbanization, increased meter penetration and infrastructure developments, as well as increased regulation requiring the use of smart meters. Elster believes that these trends, along with the movement towards energy conservation and the promotion of cleaner fuels and technologies, will continue to play an important role in its future growth.
In September 2010, Baird served as co-manager on Elster’s initial public offering for $242.2 million.
For additional information about this transaction, please contact:
- April 2011
- Elster Group SE
- Target Location
- North America