GFI Energy Ventures - Press Release

Power Measurement Inc. Sold by GFI Energy Ventures to Schneider Electric

April 13, 2005 - For Immediate Release

Los Angeles, CA - GFI Energy Ventures LLC (GFI) announced the closing today of the sale of Power Measurement Inc. (PMI) to Schneider Electric. Along with management, PMI had, since 1996, been owned by a consortium led and organized by GFI. PMI is a leading designer, manufacturer and provider of hardware, software, and associated systems and services used by energy suppliers and large energy consumers to optimize the delivery, measurement, and consumption of electricity and electrically powered equipment and systems. Headquartered in France and with operations in 130 countries worldwide, Schneider Electric is one of the largest global providers of electrical equipment and control systems.

“The sale of PMI to Schneider Electric represents the culmination of a nine year relationship between GFI and the Company’s management and staff. During that period, the Company has grown in size, profitability, range of solutions, markets addressed, patent portfolio and international stature. The collaboration between GFI and the Company’s executives and staff has been one of the most satisfying in GFI’s long investment experience. The transaction, which yields a return of about four times our consortium’s investment, is also obviously very gratifying,” according to Lawrence Gilson, Chairman of GFI.

About Power Measurement Inc.
PMI’s sophisticated metering devices, software and services enable energy suppliers and consumers to monitor, control, forecast and manage all aspects of energy production and consumption. Its customers are worldwide, with slightly more than half of revenues derived from North America.

About GFI Energy Ventures LLC
GFI is a private equity firm which has initiated and led over 45 investments in the energy sector over the past ten years. GFI is the co-general partner with Oaktree Capital Management of the OCM/GFI Power Opportunity Funds through which they currently manage over $1 billion of capital. GFI invests exclusively in successful, profitable businesses providing the equipment, software, services, and systems needed by utilities and other energy companies to compete successfully at a time of major sector change.

Top