Tortoise Investments and its majority owner, Mariner Holdings, are exploring a recapitalization of Mariner's stake in Tortoise, said Deborah Kostroun, Tortoise spokesman in an email.
Tortoise, a master limited partnership and fixed-income manager, and financial services firm Mariner have decided “to explore strategic alternatives” for Mariner's majority stake, a Tortoise news release said. Tortoise executives believe a recapitalization could further Tortoise's growth, the news release added. No timeline has been set.
Mariner acquired its ownership stake as part of a management buyout in 2009. In 2016, Tortoise acquired fixed-income manager Bradford & Marzec.