Tortoise Credit Strategies, a unit of Tortoise Investments, has agreed to acquire a majority stake in Los Angeles-based investment adviser Bradford & Marzec in conjunction with a management buyout (MBO) by key Bradford & Marzec employees.
Following completion of the deal, which is scheduled by the end of the second quarter of 2016, key staff and management of Bradford & Marzec will together own about 37% of the company. The remaining ownership will be held by Tortoise Investments.
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Bradford & Marzec founders Ted Bradford and Zelda Marzec will exit their equity positions and remain employees.
The deal is subject to customary closing conditions.
Tortoise Credit Strategies CEO and CIO Brad Beman said: "Bradford & Marzec brings an impressive record of performance, a disciplined team-based investment process and an experienced team that will provide Tortoise Credit with a strong foundation for the future. We are pleased to partner with the Bradford & Marzec team and continue the legacy of its rich heritage of institutional-caliber investment management."
Bradford & Marzec manages long-only domestic and global fixed income portfolios for institutional and high net worth investors. As of 31 March 2016, the firm managed about $4.3bn in assets.
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