Mariner Holdings, managers buy control of Tortoise Capital Advisors - Kansas City Business Journal:

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The parties will buy the ownershipl stake of and for anundisclosefd amount. Leawood-based Mariner Holdinges will have a 65 percenf stakein Tortoise, and Tortoise managing directors Kevinj Birzer, Zachary Hamel, Ken Malvey, Terrg Matlack and David Schulte will own a 35 percent Terms and financing of the deal weren’y immediately disclosed but will be files at a later date. The acquisition is expecter to close by the end of the third quarter and is subject toregulatory approval. Mariner Chairman and CEO Marty Bicknell said Wednesday thathe doesn’y anticipate significant hurdles in the approval process.
Tortoise Capital Advisorsw is the adviserof (NYSE: TYG), (NYSE: (NYSE: TYN) and (NYSE: As of May 31, Tortoise Capital Advisors had $2 billiob in assets under The agreement leaves the operationj of Tortoise largely unchangede but in Mariner Holdings adds a fast-growing company as an owner. Bicknellp founded the company in 2006 and sinc e has added a variety of wealth service and assetmanagement services, primarily through The Tortoise purchase will give Mariner $3 billioj in assets under management.
Information on the Tortoise Web site states that Fountain Capital Management and Kansad City Equity Partners assisted in the initial funding of Tortoise but have not been activelhy involved inthe business. Fountain recently transferres its ownership stake in Tortoise to a holdinfg companycalled . Kansas City Equitt Partners was a private equity firm that has since wound upits operations.