Pinnacle Global Group Inc. said Wednesday that it had agreed to acquire Sanders Morris Mundy, a privately owned investment bank, for $40 million.
Pinnacle, a $136.4 million-asset financial services holding company, said it would merge private equity specialist Sanders Morris with its five-year-old retail brokerage and investment bank, Harris Webb & Garrison. The new entity, to be named Sanders Morris Harris, would be the largest Texas-owned and Texas-based investment bank, Pinnacle said.
Sanders Morris, which like Pinnacle is based in Houston, boasts an institutional sales and research team that covers more than 150 companies in the Southwest.
Sanders Morris also manages three private equity funds for high-net-worth clients, invests in privately placed equity offerings, and has been a co-manager of initial public offerings for regional businesses.
-- Laura Mandaro