UK shipping investment manager Tufton has been taken over by its top executives in a management-led buyout.
The deal involved all the equity interests previously held by a “European family office”, London-listed fund Tufton Assets and Oslo-listed Tufton Investment Management-backed Stainless Tankers said in separate filings.
Filings to the UK Companies House show German investor Kurt Zech exiting the company and Tufton’s chief investment officer Nicolas Tirogalas becoming the new person of significant control, holding more than 25% but not more than 50% of the voting rights in the company.
Tufton has over $1.5bn in shipping and offshore assets under management across a number of funds, including Tufton Assets and Stainless Tankers.
Both companies said they had been reassured that there would be no changes following the transaction.
Commenting on the buyout, Tufton Group chief executive Andrew Hampson and investment chief Tirogalas said in a joint statement, “This is the result of a carefully planned process that leaves the existing business in its current, healthy form and further strengthens and aligns management incentives with future growth opportunities.”
