SMH Private Equity Group Portfolio Company, RigNet, Announces IPO
HOUSTON, Dec. 21, 2010 /PRNewswire-FirstCall/ -- RigNet, Inc., a portfolio company of SMH Private Equity Group, has completed an initial public offering of 5,000,000 shares of common stock at $12.00 per share to finance continued expansion of the company. SMH Private Equity Group is a division of Sanders Morris Harris Group.
The company is listed on the NASDAQ Global Select Market under the symbol RNET.
RigNet builds secure communications networks that provide voice, data and video service for offshore oil and gas rigs. It has more than 375 customers in 30 different countries. This is the third major private equity investment exit in the past twelve months for SMH Private Equity Group, following the acquisition of Syntex by IHS and the sale of Lombardi Software to IBM.
A bout SMH Private Equity GroupSMH Private Equity Group invests in early-stage energy technology and healthcare technology companies. It focuses on emerging sectors that leverage its experience and expertise - providing the most productive guidance to its portfolio companies. Additional information is available at www.smhpeg.com. About Sanders Morris Harris Group Sanders Morris Harris Group (Nasdaq: SMHG) is a wealth management company that manages approximately $12.1 billion in client assets. Client assets include the gross value of assets under management directly or via outside managers and assets held in brokerage accounts for clients by outside clearing firms. Its corporate philosophy of investment in common aligns its interests with those of its clients. Sanders Morris Harris has more than 540 employees in 20 states. Additional information is available at www.smhgroup.com. SOURCE Sanders Morris Harris Group Inc.
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