?New York-based investment-banking firm Rodman & Renshaw Capital Group Inc. (Nasdaq: RODM) plans to acquire New York-based energy investment bank COSCO Capital Management LLC for $10.1 million in cash and stock at closing and up to $4 million based on future revenue earned, for a total $14.1 million.
Concurrent with the closing, Rodman & Renshaw will create Rodman Energy Group, which will continue and expand COSCO’s existing investment-advisory and finance practice for companies and funds active in the energy sector. The group will be led by Cameron O. Smith, COSCO’s founder and senior managing director, and it will include COSCO’s other principals, who are based in Houston, Calgary and Connecticut. Closing is expected in this quarter.
“The nice thing is, COSCO and our people remain intact and we move lock, stock and barrel to the Rodman group,” Smith says. “It means private companies looking to go public we can keep servicing, and we can cast our eyes wider on public companies we couldn’t help before.”
Rodman & Renshaw chief executive Michael Lacovara says, “I am delighted to bring Cameron Smith and his COSCO colleagues to Rodman in a transaction that joins Rodman’s leadership in the PIPE (private investment in public equity) transaction market with COSCO’s decades of experience…in private finance to oil and gas and other energy companies.”
Rodman & Renshaw went public in 2007. It is a holding company with a number of direct and indirect subsidiaries, including Rodman & Renshaw LLC, Rodman Principal Investments LLC and Miller Mathis & Co. LLC.

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