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Wednesday, June 14, 2017

Tortoise is Considering a Sale

News summary by MFWire's editors

Tortoise, a company that specializes in essential assets and income investing, is considering a potential sale of a majority stake in the Kansas-based company, CEO and co-founder Kevin Birzer said on Tuesday, according to the Wall Street Journal.

Kevin Birzer
Tortoise Capital Advisors LLC
CEO and Co-Founder

Gary Henson, president and board member at Tortoise, and Marty Bicknell, CEO at Mariner Holdings, could not be immediately reached for comment on the implications of the deal and what type of buyer they are looking for. Private-equity firms or conventional asset managers looking to diversify their product lineup may be among the list of interested buyers.

The firm, founded in 2002, has 140 employees with approx. $20 billion in assets under advisement as of May 31, 2017, and is owned by Mariner Holdings LLC, a wealth and asset management company. Mariner has held a majority stake at Tortoise since 2009, and Marinerís executives may expand its ownership stake through a deal with Tortoise.

Tortoise offers closed-end funds, separate accounts, ETFs, and mutual funds in the energy investing sector. Tortoise may use the extra capital from a sale to make larger investments to start new funds.  

Edited by: Jennifer Qiao

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