Redwheel, the specialist independent investment manager, and Tortoise Capital Advisors L.L.C., today announced the signing of a definitive agreement for Redwheel to purchase the assets of Ecofin, a specialist investor in sustainable infrastructure and environmental solutions. As of May 31, 2024, Ecofin had assets under management of approximately $1.4 billion.

“We are excited to join Redwheel and we look forward to the opportunities this partnership offers to us and our clients,” said Ecofin President, Brent Newcomb. “Our team will bring to Redwheel our proven expertise in investing in companies that are enabling systematic decarbonisation of the economy. We have found compatible cultures and a shared ambition for the fundamental growth opportunities catalyzed by the global transition to more sustainable economies.”

“The Ecofin team is one of the longest standing specialists focused on sustainable infrastructure and related transition strategies,” said Redwheel CEO, Tord Stallvik. “Their expertise is complementary to our existing thematic sustainability capabilities and is aligned with our overall focus on fundamental, long term specialist investment strategies. The Ecofin team will benefit from Greenwheel, the sustainability ecosystem that powers our firm’s enhanced integration, transition and sustainable funds, and Ecofin’s extensive knowledge will broaden Greenwheel’s reach. We are pleased that the team recognizes the benefits of the long-term alignment that Redwheel offers.”

Moelis & Company LLC served as exclusive financial adviser to Tortoise Capital and Ecofin. Morgan, Lewis & Bockius UK LLP served as legal counsel to Redwheel. Bryan Cave Leighton Paisner LLP served as legal counsel to Tortoise Capital and Ecofin.

The firms expect the transaction to close in the third quarter. Financial terms were not disclosed.

About Redwheel

Redwheel is a specialist, independent investment manager with an active investment heritage built on a foundation of innovation, original thought, and high conviction.

The business was established in 2000 with the ambition to create an environment in which exceptional fund managers can operate with a high degree of investment autonomy and maximise the benefits of their skills over the long-term.

The seven investment teams specialise in Sustainable & Thematic Equities, Active Engagement, Emerging Markets, Value & Income and Convertible Bonds. A total of $17.6bn (as at 30th June 2024) is managed across these strategies on behalf of clients who include some of the foremost global institutions and advisors.

With more than 170 people, including 59 dedicated investment professionals, Redwheel has offices in London, Copenhagen, Miami, and Singapore.

For additional information, please visit www.redwheel.com.

About Ecofin

Ecofin is an investment firm with an environmental focus, principally investing in global companies focused on electrification, decarbonisation, and sustainable infrastructure. The firm manages global equity thematic strategies with the aim to deliver strong risk-adjusted returns to clients, who include leading institutions, family offices, foundations, and investment advisors, while investing to help solve some of the planet's biggest challenges.

Ecofin, headquartered in London, has employees based in both the UK and North America.

For additional information, please visit ecofininvest.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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240711456131/en/