New firm comprises former Tortoise investment
professionals
OVERLAND PARK, Kan.,
July 11,
2024 /PRNewswire/ -- Tortoise Capital and 503 Capital
Partners, LLC (503 Capital) today announced they have entered into
a definitive agreement for 503 Capital to acquire Tortoise's
private credit platform. 503 Capital is a newly formed entity
comprising the investment and management team of Tortoise's private
credit division. Terms of the transaction were not disclosed.
503 Capital will be led by Managing Partners Gary Henson,
David Sifford, and Kate Moore.
As part of the transaction, employees of
503 Capital will own 100% of the equity interest of the entity,
aligning interests with the firm's clients.
"We are thrilled to announce the formation of 503 Capital,"
Henson said. "There is no better way to align client outcomes than
to have our employees as owners of the business."
"Keeping our investment team intact is essential to our client
experience," said Sifford, 503 Capital's Chief Investment Officer.
"We have become a recognized lender in the education, healthcare,
and waste transition sectors, which has helped us obtain strong
risk-adjusted returns for our clients."
Following the completion of the acquisition, which is expected
to occur in the third quarter, Overland
Park, Kansas-based 503 Capital will manage approximately
$500 million in assets across private
funds and separately managed accounts.
The team at 503 Capital will continue to work with Tortoise
Capital on the management of its public funds, and the investment
processes and day-to-day portfolio
management remain unchanged.
About 503 Capital Partners
503 Capital is
an employee-owned private credit firm
specializing in lower middle-market loans, often lending on a
tax-exempt basis. 503 Capital was founded in 2024 as part
of a management buyout of Tortoise Capital's private credit
platform. For information about 503, visit
www.503capitalpartners.com.
About Tortoise Capital Advisors
Tortoise Capital
Advisors, L.L.C. is an SEC-registered asset manager that invests
primarily in publicly traded companies in the energy and power
infrastructure sectors—from production to transportation to
distribution. Tortoise Capital's solid track record of investment
experience and research dates back more than 20 years. As an early
investor in midstream energy, Tortoise Capital believes it is
well-positioned to be at the forefront of the global energy
evolution. For more information about Tortoise Capital, visit
www.tortoiseadvisors.com.
Media Contacts:
For Tortoise Capital
Margaret
Kirch Cohen/Richard
Chimberg
Newton Park PR
+1 847-507-2229
+1 617-312-4281
margaret@newtonparkpr.com
rich@newtonparkpr.com
For 503 Capital Partners
Gary
Henson
503 Capital Partners
+1 913-279-0177
ghenson@503capitalpartners.com
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SOURCE Tortoise Capital