H.I.G. Capital Completes Acquisition of PetroCom; Merger with Sola Communications, LLC, to Proceed Simultaneously
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NEW ORLEANS, Jan. 23 -- PetroCom LLC announced today that an affiliate of H.I.G. Capital, a Miami-based private investment firm, has completed the previously announced acquisition of PetroCom. Headquartered in New Orleans, PetroCom is a leading cellular carrier in the Gulf of Mexico and a full-service telecommunications solutions provider for the offshore industry.
"We are thrilled to partner with a premier private equity firm as we enter our next stage of growth," said PetroCom President Ken Wright. "H.I.G.'s investment represents an important milestone in our company's history, and their support will enable us to significantly expand our footprint. We will continue to provide excellent service to our valued customers in the Gulf, while broadening our service offerings into new products and markets, both domestic and international."
Last year H.I.G., through its Bayside Capital affiliate, acquired Sola Communications, a leader in the delivery of telecommunications related services for the offshore oil and gas and emergency services markets. In connection with its acquisition of PetroCom, H.I.G. also obtained regulatory approval to combine the PetroCom and Sola businesses.
"We look forward to working with PetroCom and its management team to build the premier provider of offshore remote communications," explained Anthony DiSimone, managing director of H.I.G. "H.I.G. is committed to growing its remote communications businesses, and believes that both PetroCom's cellular and satellite offerings are highly complementary to Sola's suite of satellite and related customized communications solutions. The combined businesses will allow us to significantly broaden the scope of the critical services we provide for our customers."
"PetroCom's mission is to fulfill the ever-expanding voice and data communication needs of the offshore oil and gas industry," added Wright. "Teaming our cellular and satellite expertise with Sola's customized communications solutions is a win-win for both companies, and more importantly, our current and future customers."
PetroCom is the fifth Gulf area company in which H.I.G. has invested in the past few years. Others include Rotocraft Leasing in Broussard, La., Houma-based Redfish Rentals, Total Safety, which is based in Houston with offices throughout Louisiana, and Sola Communications.
About PetroCom
PetroCom LLC is a full-service telecommunications and network solutions company based in New Orleans, with offices in Lafayette, La. and Houston. PetroCom provides voice, data, video and asset tracking solutions for the domestic and international energy services marketplace via its satellite and cellular based infrastructure. PetroCom's satellite offerings are based on state of the art technology for bandwidth sharing via both fixed and stabilized platforms. In addition, PetroCom offers enterprise based cellular networking products and services designed for the global offshore energy marketplace and delivers unrivaled service over a state-of-the-art GSM network covering 100,000 square miles offshore in the Gulf of Mexico. The portfolio PetroCom has developed over its 20 plus years in the offshore industry includes many advanced technologies and pioneering services that serve a demanding clientele. For more information, visit PetroCom online at http://www.petrocom.com/
About Sola Communications, LLC
Based in Lafayette, La., and with offices in Houston and Larose, La., Sola Communications, LLC (http://www.solacomm.com/ ) specializes in the design, installation, enhancement and service of telecommunications, antenna and tower, and satellite solutions. Sola Communications has a longstanding reputation for delivering superior service and innovative products and solutions. Sola's products and services have no geographic boundaries and are available worldwide.
About H.I.G. Capital
H.I.G. Capital LLC ("H.I.G.") is a leading private equity and venture capital investment firm with more than $3 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. has completed in excess of 70 transactions. The firm currently manages a portfolio of more than 50 companies with combined revenues in excess of $5 billion. For more information, please refer to the H.I.G. website at http://www.higcapital.com/
Source: H.I.G. Capital LLC; PetroCom LLC; Sola Communications, LLC
CONTACT:
Rebecca Rainer,
cell +1-225-892-7316,
rebecca@graham-group.com, for H.I.G. Capital LLC, PetroCom LLC, and Sola Communications, LLC
Web site:
http://www.solacomm.com/
http://www.petrocom.com/
http://www.higcapital.com/
