Tortoise Capital Advisors, LLC Completes Sale of Controlling Interest to Mariner Holdings and Tortoise Managers
16 September 2009 - 12:00AM
Business Wire
Tortoise Capital Advisors, LLC (Tortoise) announced today that
the sale of all of its ownership interests to a holding company
formed by its five founding Managing Directors and Mariner
Holdings, LLC (Mariner) has closed. Tortoise serves as the adviser
of Tortoise Energy Infrastructure Corp., Tortoise Energy Capital
Corp., Tortoise North American Energy Corp., Tortoise Capital
Resources Corp. and Tortoise Power and Energy Infrastructure Fund,
Inc. (NYSE: TYG) (NYSE: TYY) (NYSE: TYN) (NYSE: TTO) (NYSE: TPZ),
as well as a private fund and certain private accounts. Mariner
will own a majority stake in Tortoise. Tortoise Managing Directors
Kevin Birzer, Zachary Hamel, Ken Malvey, Terry Matlack and David
Schulte will own in the aggregate approximately 35 percent of
Tortoise and each has signed an employment commitment. Management
of Tortoise, its Investment Committee and its funds will remain
unchanged by the close of the transaction. Tortoise has also
initiated an equity ownership plan in which initially four
additional senior Tortoise employees will purchase equity.
“The Tortoise management team is enthused about teaming up with
Mariner to purchase Tortoise Capital Advisors,” said Kevin Birzer,
Senior Managing Director of Tortoise Capital Advisors. “We believe
the footprint Tortoise has already established in the energy
infrastructure sector combined with the new Mariner affiliation
will allow us to accelerate the growth of our fund and private
account business.”
The transaction helps propel Mariner further into the asset
management business, a key pillar of its strategic vision. Mariner
plans to accomplish this through additional product offerings,
distribution capabilities and an expanded client base. "The
Tortoise team brings significant depth, including closed-end fund
and separate account development and management, portfolio
management, client services and operational support, which will
provide a well established platform for continued growth,” said
Marty Bicknell, Chairman and CEO of Mariner. “The recent closing of
another fund, TPZ, underscores Tortoise’s success at deepening its
relationships with the investment banking community and growing its
presence as a leading investor in the power and energy
infrastructure sector.”
Colchester Partners acted as financial advisor to Tortoise
Capital Advisors in this transaction.
About Tortoise Capital Advisors
Tortoise is an investment manager specializing in listed energy
infrastructure, such as pipeline and power companies. As of Aug.
31, 2009, Tortoise had approximately $2.3 billion of assets under
management in five NYSE-listed investment companies and private
accounts. For more information, visit the web site at
www.tortoiseadvisors.com.
About Mariner Holdings, LLC
Founded in 2006 by former A. G. Edwards investment professionals
and management staff, Mariner is an independent investment firm
focused on wealth and asset management. The asset management
platform provides institutional investors, foundations and third
party managers with high quality core and alternative investment
strategies. The wealth management platform offers business owners,
executives, and high net worth individuals extensive portfolio
management, tax and estate planning, risk management and other
services. For more information, visit www.mariner–holdings.com.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
Forward-Looking Statement
This press release contains certain statements that may include
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements, other than statements of
historical fact, included herein are "forward-looking statements."
Although Tortoise Capital Advisors believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. Actual results could differ
materially from those anticipated in these forward-looking
statements as a result of a variety of factors. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Other than as
required by law, Tortoise Capital Advisors do not assume a duty to
update this forward-looking statement.
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