Investcorp acquires Neptune Technology Group

Investcorp, the Bahrain listed investment group, has acquired Neptune Technology Group, formerly the North American water meter business of global technology services company Schlumberger.

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By  Massoud Derhally Published  November 14, 2001

Investcorp, the Bahrain listed investment group, has acquired Neptune Technology Group, formerly the North American water meter business of global technology services company Schlumberger.

Founded in 1886 as Thomson Meter Company, the Neptune Technology Group provides a range of products such as residential, commercial and industrial water meters and advanced meter reading systems to water utility companies throughout North America. Neptune has around 25% of the US market for water meters. The company has 25 million meters installed in residences in the United States, out of an estimated total of 70 million residential water meters for the whole country, giving Neptune a 35% share of that particular market segment.

“Neptune is a strong, established business. This investment is in line with Investcorp's traditional focus on companies with prominent positions in their industries, good track records, good potential growth and committed management. Neptune’s market leading products, its focus on serving customers and distributors, as well as its respected management team, were key factors in our decision to make this acquisition,” said Salman Abbasi, general manager of Investcorp’s office in Bahrain and a member of the firm’s management committee.

Investcorp has also acquired, from Schlumberger Canada Limited, a one-third interest in DAP Technologies Limited, which will now be owned by a subsidiary of Neptune Technology Group. DAP designs and manufactures handheld computers that are used for utility meter reading and other industrial use in the field.

“As with our other corporate investments, Investcorp will seek to provide resources that will help Neptune achieve its strategic goals of continued industry leadership and growth. We are looking forward to working with the management of Neptune Technology Group as they lead this business to continued success,” added Abbassi.

In Europe, Investcorp and its clients currently own corporate investments that include Avecia (formerly Zeneca Specialties), Gerresheimer Glas AG and Welcome Break. In the United States, Investcorp and its clients currently own corporate investments that include Independent Wireless One, Jostens and Synthetic Industries.

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