MTC receives $15 million investment from Aqua International Partners
Metering Technology Corporation announced today the investment of $15 million from Aqua International Partners, L.P.
SCOTTS VALLEY, Calif., Jan. 30, 2001 (BUSINESS WIRE)—Metering Technology Corporation (MTC), a leading supplier of low-cost meters for energy measurement and communications solutions, announced today the investment of $15 million from Aqua International Partners, L.P. (Aqua), a member of the Texas Pacific Group that makes private equity investments in companies providing water and water-related products or services to emerging market communities.
"Aqua's investment strategy is to capitalize on the rapid growth and development of the global water industry by providing a source of private equity finance to innovative companies, like MTC, with substantial revenue potential," said John G. Sylvia of Aqua. "We discovered a unique opportunity to invest in a development stage company that provides inventive metering solutions for the global utility industry, and who has already positioned itself as one of the industry leaders."
"We feel privileged to have Aqua recognize MTC as a leader in the marketplace for energy-measurement solutions and we look forward to working closely with Aqua to deliver our metering capabilities to the world," said Peter Larsson, President and CEO of MTC.
MTC plans to use this funding primarily for the expansion of MTC's presence internationally, and for the development of new technology, including Automated Meter Reading (AMR) systems for the water and other markets. MTC will continue to focus on strategic alliances and business development in the rapidly growing metering industry.
"The deregulating utility market represents an incredible opportunity for MTC and our decision to invest is based on MTC's production of high quality communicating meters and a robust management team," said Anup Jacob of Aqua.
With the conclusion of this investment, MTC's Board of Directors will welcome two new members from Aqua: John G. Slyvia and Anup Jacob. Both have extensive industry and emerging market knowledge, corporate finance expertise, and a private equity track record.
John Heibel, former Executive Chairman of the Board, and Joe Stephan, Board Member, have resigned from MTC's Board of Directors. Both contributed substantially to MTC.
MTC was founded in 1997 to provide innovative metering solutions for the revitalized and expanding market for energy measurement solutions. Its proprietary silicon chip technology enables MTC to deliver intelligent, low-cost energy meters for commercial and residential needs in North America and world markets, as well as metering modules for licensing and resale. For more information on MTC and its metering products, visit the Web site at www.metertech.com.
About Aqua International Partners, L.P.
Aqua International Partners, L.P., a $235 million fund, was established in 1997 to make private equity investments in companies providing water and water-related products or services to emerging market economies. Aqua was created by William K. Reilly (former head of the U.S. Environmental Protection Agency) and David Bonderman, Jim Coulter, and Bill Price (founding partners of the private equity firm, Texas Pacific Group.) The Aqua fund, based in San Francisco, invests in operating and special purpose companies that are engaged in providing products or services to the water sector. For more information on Aqua, visit the Web site at www.waterfund.com