Updated with correction
Private equity firm Lovell Minnick Partners, along with HarbourVest Partners, AlpInvest Partners and other limited partners, are purchasing a majority stake in alternative money manager Tortoise Investments, a Tortoise spokeswoman said.
Terms of the deal, which is expected to close at the end of the first quarter of 2018, are not being disclosed. Lovell Minnick, along with co-investors, is purchasing two-thirds of the company's stake through a private equity fund, while Tortoise management is increasing its stake to 33% from 23%. The parties agreed to buy out portions of the 77% stake previously owned by Mariner Holdings and the five co-founders of Tortoise Investments.
Those co-founders are Kevin Birzer, who will remain CEO and is the lone co-founder not selling his stake; Zachary A. Hamel, Kenneth P. Malvey and Terry Matlack, all managing directors who will retire from the firm at the closing of the transaction; and David Schulte, who retired from the firm in 2015.
Tortoise has about $20.2 billion in assets under management.