MutualFundWire.com: A $20.2B Midwestern Shop Buys Across the Pond

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Tuesday, December 4, 2018

A $20.2B Midwestern Shop Buys Across the Pond

Kevin Birzer and his team just sealed an ESG deal on the other side of the Atlantic.

Harold Kevin Birzer
Tortoise
CEO

Birzer, CEO of Tortoise [profile], confirms that the Leawood, Kansas-based, private equity-backed asset manager has acquired London-based Ecofin Limited. Pricing and terms of the deal were not disclosed.

The Kansas City Business Journal and CityWire also reported on the news.

26-year-old Ecofin specializes in "infrastructure, sustainability and energy transition investing." 16-year-old Tortoise started out specializing in investing in energy MLPs, but has since broadened out into other areas of what the team there calls "essential asset and income investing," offered via mutual funds, ETFs, interval funds, and a host of other vehicles. Tortoise had about $20.2 billion in assets under management as October 31 and 165 employees.

Michelle (Kelly) Johnston
Tortoise
Senior Managing Director, Chief Strategy Officer

"The Ecofin team is thrilled to now be a part of the Tortoise team," states Ecofin CEO Vincent Barnouin, who now serves as a managing director at Tortoise. "We have found in Tortoise an organization which fluently speaks the same infrastructure and energy languages, with a shared ambition to deliver sustainability and impact solutions to clients globally."

Birzer lauds the Ecofin team for the "deep global expertise in sustainable energy and infrastructure." Michelle Johnston (nee Kelly), senior managing director and chief strategy officer at Tortoise, notes the Ecofin team's "knowledge of the sector and passion to facilitate the global energy transition."

Vincent Barnouin
Tortoise
Managing Director

"We are enthused about expanding our focus on sustainable infrastructure and broadening our essential assets client solutions," Johnston states.

Johnston talked with MFWire earlier this year about what the Tortoise team looks for in strategic opportunities. Culture, she said, is the top factor on the list.

Printed from: MFWire.com/story.asp?s=58998

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