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Reuters reported. The sellers are said to be looking at a $1.7 billion valuation, including debt. Goldman Sachs and Credit Suisse Group AG (VTX: CSGN) are reportedly collaborating on an auction process for the sale of Sensus. The move comes two weeks after a Milwaukee-based competitor founded in 1905, Badger Meter Inc. (NYSE: BMI), was said to also be exploring a sale for over $1 billion, with an auction process in the early stages. On May 4, the company issued a statement confirming “that it is exploring on a preliminary basis various options to enhance shareholder value.” Badger Meter has a current market capitalization of $1.04 billion. In January, Honeywell (NYSE: HON.N) completed the acquisition of the Elster division of UK-based Melrose Industries plc (LSE: MRON) for $5.1 billion. Elster is a leading provider of gas, water, and electricity meters, including smart meters, software and data analytics solutions, and other thermal gas and heating solutions. Sensus provides real world, proven solutions of high-value metering, Automatic Meter Reading (AMR) and Advanced Metering Infrastructure (AMI) system solutions for water, gas, electric and heat utilities. Sensus has one of the largest installed AMI bases in the world. The company is based in Raleigh, North Carolina. “From utilities to cities to industrial parks and campuses—our solutions empower you to build interconnected systems with intelligence at every point,” Sensus says. “So you can be more responsive. Smarter. And make the most efficient, cost-effective decisions.” Sensus reported 2015 EBITDA of more than $150 million, and revenue of $850 million, according to Moody’s Investors Service. In 2003, The Resolute Fund LP, a private equity fund managed by the Jordan Company and GS Capital Partners 2000 LP, a private equity fund managed by Goldman Sachs, acquired Sensus predecessor Invensys Metering Systems, for $650 million. Sensus is one of the longest held investments in the history of private equity, according to Reuters. Sensus, originally known as Pittsburgh Equitable Meter Company, was founded more than a century ago by the Rockwell family in Uniontown, Pennsylvania. Over time it became a global leader in utility management. Based on its roots as the leading meter provider in the water industry, the company diversified into gas, electric meters and valve operations. The company was subsequently acquired by London-based Invensys plc, and changed its name to Invensys Metering Systems. In 2003, Invensys Metering Systems was acquired by The Resolute Fund, which renamed it Sensus Metering Systems Inc. The Jordan Company is a middle-market private equity firm with over $8 billion in assets under management, It has offices in New York, Chicago, Stamford and Shanghai, and has successfully completed over 100 investments. The firm was founded in 1982 by Jay W. Jordan II and David W. Zalaznick. Goldman Sachs Private Capital is the private equity arm of Goldman Sachs, focused on leveraged buyout and growth capital investments globally. GS Capital Partners, founded in 1986, provides long term capital to growth and middle-market companies. The group focuses on investing as a lead or minority investor and can provide both equity and debt financing.]]>