Lovell Minnick and Management to Acquire Tortoise Investments

November 27, 2017

On October 18, 2017, Lovell Minnick Partners and Tortoise Investments announced an agreement for a buyout of Tortoise Investments.

Lovell Minnick Partners (“Lovell Minnick”) will purchase the equity stake currently held by Mariner Holdings and the retiring co-founders of Tortoise Investments (“Tortoise”), while ongoing management and employees are expected to significantly increase their ownership of Tortoise. Tortoise will maintain its autonomy and independence, while its investment processes, brand and portfolio management will remain unchanged. Lovell Minnick is joined by a group of institutional investors, including HarbourVest Partners and AlpInvest Partners, who will support the transaction.

Lovell Minnick is a Los Angeles-based independent private equity firm specializing in the financial services sector, providing equity capital for management buyouts, growth investments and recapitalizations. Lovell Minnick has raised approximately $1.7 billion in committed capital.

Tortoise is a Kansas-based essential asset and income investor, providing investors with access to active and passive investment solutions. As of September 30, 2017, Tortoise had approximately $20.2 billion in assets under advisement.

To read the press release: please click here.


Investment Manager Private Equity, Transactions