Lovell Minnick Partners LLC and Tortoise Investments Partners LLC announced the completion of the buyout of the asset manager.
As part of the transaction, management and employees increased their equity ownership in Tortoise. Lovell Minnick bought the equity stake held by Mariner Holdings and certain retiring co-founders of Tortoise.
Tortoise will maintain its independence and autonomy.
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.
