LEAWOOD, Kan.--(BUSINESS WIRE)--Tortoise Investments, LLC has announced that it, along with its majority owner Mariner Holdings, has decided to explore strategic alternatives for Mariner’s majority stake in Tortoise.
The partnership, which dates back to 2009, has been beneficial to both companies. Tortoise believes that a recapitalization could further its growth. There are no expected changes to the team, process or investment approach. Both firms are committed to finding a partner with a strong cultural and team fit. Tortoise has established a number of growth platforms and the team is enthused about the opportunities to accelerate growth.
Tortoise does not have a defined timeline for the exploration of strategic alternatives and is not confirming that the evaluation will result in any strategic alternative being announced or consummated. Tortoise does not intend to discuss or disclose further developments during this process unless and until its Board of Directors has approved a specific action or otherwise determined that further disclosure is appropriate.
Tortoise is a leader in essential assets and income investing. Through its registered advisers, Tortoise provides investors access to differentiated active and passive investment solutions and market insights and had $20.2 billion assets under advisement as of May 31, 2017. Tortoise is indirectly majority owned by Mariner Holdings, LLC, which had more than $40 billion in assets across wealth and asset management as of March 31, 2017.
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 the Fund and Tortoise Capital Advisors believe 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, including those discussed in the Fund's reports that are filed with the Securities and Exchange Commission. 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, the Fund and Tortoise Capital Advisors do not assume a duty to update any forward-looking statement. There is no assurance that any transaction will be completed.