Am Law 100 firm Polsinelli represented 503 Capital Partners in its negotiation of its recently announced agreement to acquire Tortoise Capital’s private credit platform. 503 Capital is a newly formed entity comprising the investment and management team of Tortoise's private credit division. 503 Capital is an employee-owned private credit firm specializing in lower middle-market loans, often lending on a tax-exempt basis. Polsinelli also assisted in the formation and capitalization of 503 Capital as part of the pending acquisition.

Tortoise Capital Advisors 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. Following the completion of the acquisition, which is expected to occur in the third quarter, 503 Capital will manage approximately $500 million in assets across private funds and separately managed accounts.   

More details on the transaction can be found here.

The Polsinelli deal team included Shareholders Eric G. Greenfield, Michael D. Rosenthal and Robyn C. Axberg, and Associates Jessica Lee and Claire E. Dugard.