The company is a provider of smart grid solutions and intelligent infrastructure, including solutions for device networking, data-value management and customer communication, to customers which include water, gas and electric utilities.
In March 2014, Cerberus Business Finance agented a $55.0 million Second Lien Term Loan, proceeds of which, in addition to a first lien credit facility and an investment from a private equity sponsor, were used to finance the acquisition of the company and provide the company with ongoing working capital. In June 2015, Cerberus Business Finance up-sized the Second Lien Term Loan by $22.5 million to finance a distribution to shareholders.
