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Lovell Minnick completes Tortoise buyout

Tortoise Investments in conjunction with existing management has completed the buyout of Tortoise.  

As part of the transaction, the existing management and employees have increased their equity ownership of the company, with many investing additional capital alongside Lovell Minnick, who purchased the equity stake held by Mariner Holdings and certain retiring co-founders of Tortoise. Tortoise will maintain its independence and autonomy with its brand, investment processes and day-to-day portfolio management remaining unchanged.
“We are excited to set course with our new partner,” says Tortoise co-founder and Chief Executive Officer, Kevin Birzer. “The asset management expertise and global network that Lovell Minnick brings the partnership will help us to enhance and expand our client solutions.”
“We look forward to partnering with Tortoise and providing the team with strategic and capital support to help them build upon their successful platform of essential assets and income investing,” says Bob Belke, Managing Partner at Lovell Minnick.
Lovell Minnick is joined by a group of institutional investors who supported the transaction, including HarbourVest Partners, AlpInvest Partners, and several additional limited partners.
BMO Capital Markets acted as exclusive financial adviser to Mariner Holdings and Evercore acted as exclusive financial adviser to Lovell Minnick. Key Strategic Advisors advised management on the transaction. UBS and Credit Suisse provided committed debt financing for the transaction.
Terms of the private transaction, announced on 18 October 2017, were not disclosed.

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