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May 14,1998
- For Immediate Release
Los Angeles, CA - GFI Energy Ventures LLC today announced its completion of
a substantial additional investment in Power Measurement Ltd. (PML). GFI
and its co-investors first invested in PML in 1996. This new investment
raises their holdings to over 90 percent with the latest purchase implying
an approximate enterprise value of $100 million (Canadian).
Power Measurement Ltd., based in Victoria, British Columbia, is the leading
designer and manufacturer of equipment and software which measures, evaluates,
and helps manage electric power consumption and conditions. PML's products
enable companies to manage energy consumption and to modify industrial
processes to avoid power quality problems and reduce energy costs. The
same family of devices and associated software enable electric utilities
and power marketers to bill for electric service and manage electric distribution
systems in the manner which the increasingly competitive electric industry
requires.
"The rapid development of competitive electric markets worldwide depends
on the availability of accurate, cost-efficient means of measuring power
quantity, quality, and delivery," said Lawrence Gilson, President of GFI
Energy Ventures and Chairman of PML. "Based on our pre-existing relationship
with PML, we have no doubt that PML has the best products and the winning
management team to meet the measurement needs of buyers, sellers, and
transporters of power. With markets burgeoning and PML on the brink of
offering even more exciting products, we are delighted to have a bigger
interest in the Company and its future."
Simultaneously with this transaction, Brad Forth becomes President of
PML. Mr. Forth began his affiliation with the Company 10 years ago as
a design engineer and subsequently held management positions in product
development and in marketing and sales. He has most recently been Vice
President for Marketing and Sales and a member of the PML Board. Mr. Forth
succeeds Ron Hart who was a co-founder of PML and has served as President
over the past 18 months. Mr. Hart will remain active in the Company full
time through the end of the year and will continue to serve on the Company's
Board.
GFI Energy Ventures originates and leads investments in businesses benefiting
from and facilitating the deregulation, competition, and technological
change in the energy industry worldwide. In addition to GFI Energy Ventures
itself, the investors in PML include Oaktree Capital Management (a Los
Angeles-based investment firm with over $10.5 billion under management),
RIT Capital Partners plc (the publicly traded, London-based investment
company chaired by Lord Rothschild) and Tinicum Incorporated.
This is the second substantial investment announced by GFI Energy Ventures
this week. On Wednesday, May 13, GFI announced the formation of GFI Caminus
which will provide comprehensive consulting services and software technology
to the booming power and gas trading industry. Co-incident with the formation
of GFI Caminus, that group acquired Caminus Energy Ltd. (the leading UK-based
energy strategy firm), acquired a majority interest in ZAI*NET Software
(a market leader in providing trading and risk management software to
the energy and foreign exchange markets), and entered into an exclusive
licensing agreement to distribute the asset management software products
of SS&C Technologies, Inc. (NASDAQ: SSNC) within the energy-related markets
worldwide.
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