Neptune Technology Group, Inc. (“Neptune”) was the largest water meter and meter reading systems manufacturer in North America.

Neptune maintained a 35% market share in its base meter business in an attractive, oligopolistic industry in which three companies had over 90% market share.

In April 2003, York Street teamed with other institutions to underwrite and provide the entire mezzanine facility. York Street and Teachers’ Private Capital provided $44.0MM of the facility, with each party investing a total of $22.0 million comprised of $15.4 million of senior subordinated notes and $6.6 million of convertible preferred equity with a liquidation preference.

York Street realized its investment upon Roper Industries’ acquisition of Neptune in December 2003.

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