Lovell Minnick and Tortoise Management Complete Buyout of Tortoise

LEAWOOD, KS and LOS ANGELES, CA – Jan. 31, 2018 – Tortoise Investments and Lovell Minnick Partners today announced the completion of the buyout of Tortoise. As part of the transaction, ongoing management and employees have meaningfully increased their equity ownership of Tortoise, 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,” said 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,” said Bob Belke, Managing Partner at Lovell Minnick.

Lovell Minnick is joined by a premier 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 Oct. 18, 2017, were not disclosed.

About Tortoise
Tortoise invests in assets and services that serve essential needs in society and can also serve essential needs in clients’ portfolios, such as diversification and income. Through a variety of investment vehicles, Tortoise provides a wide range of client solutions, focused on their evolving needs. As of Dec. 31, 2017, Tortoise had $20.2 billion in assets under advisement. For more information, please visit www.tortoiseinvest.com.