Redwheel expands global sustainable footprint with acquisition of Ecofin

Independent investment manager Redwheel and Tortoise Capital Advisors today (11 July) signed a definitive agreement 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 $1.4bn.

Ecofin president Brent Newcomb said: “We are excited to join Redwheel and we look forward to the opportunities this partnership offers to us and our clients.

“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 catalysed by the global transition to more sustainable economies.”

Redwheel CEO, Tord Stallvik  (pictured) said: “The Ecofin team is one of the longest standing specialists focused on sustainable infrastructure and related transition strategies.

“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.”

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

Redwheel has seven investment teams specialise in Sustainable & Thematic Equities, Active Engagement, Emerging Markets, Value & Income and Convertible Bonds. A total of $17.6.bn (as at 30 June 2024) is managed across these strategies.

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

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 is headquartered in London and it has employees based in both the UK and North America.

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.