Sydney, Australia - 19 May 2011 - Australian mid market private equity firm, Propel Investments, today announced it had entered into a definitive sale agreement to sell its 23% ownership interest in Landis+Gyr AG, the global leader in energy management solutions for utilities, to Toshiba Corporation, one of the world’s leaders in electronics and power systems. The enterprise value for 100% of Landis+Gyr is US$2.3 billion.

"The management team, led by Cameron O’Reilly and Andreas Umbach, have built Landis+Gyr into a successful global smart metering business securing large contracts, particularly in the US and Europe," said Peter Dowding, a Managing Director at Propel and a Director of Landis+Gyr.

Propel is Landis+Gyr’s largest shareholder, having first invested in the company in September 2004.

"Propel is delighted to have had the opportunity to partner with a first class management team and, together with our fellow shareholders, fund Landis+Gyr’s organic and acquisition led growth strategies" said Albin Kurti, a Managing Director at Propel.

The sale of Landis+Gyr to Toshiba Corporation, which is expected to be completed in the second half of 2011, is Propel’s third exit in the last 6 months, having also announced the sale of Bledisloe Holdings Pty Limited to InvoCare Limited and Hudson Building Supplies Pty Limited to Crane Distribution Limited.