Manulife Financial has agreed to acquire a 75% stake in Comvest Credit Partners, the direct lending platform of Comvest Partners, for $937.5m.
The acquisition, part of Manulife’s Global Wealth and Asset Management segment, is set to position the firm as a major player in the private credit market.
Comvest Credit Partners has assets amounting to $14.7bn. It will be combined with Manulife’s $3.7bn senior credit team to create a $18.4bn private credit asset management platform, which will be branded Manulife | Comvest.
Comvest Credit Partners specialises in financing middle-market companies, offering various credit solutions such as senior secured and unitranche loans. Its approach incorporates non-sponsor lending and speciality finance, targeting growth and acquisitions among founder-owned and sponsor-backed companies.
Manulife’s co-branding initiative aims to leverage its position in the sponsor-backed market to expand their reach and meet growing demand for private credit.
Manulife wealth and asset management private markets global head Anne Valentine Andrews said: “Comvest offers meaningful scale, a differentiated approach to private credit, and a strong cultural alignment with Manulife.
“With this acquisition, we will create a world-class alternative credit platform that can meet the distinct and growing needs of Manulife’s 19 million institutional, retirement and retail clients globally.”
The partnership will maintain Comvest Credit Partners’ operational independence, with current management continuing to oversee daily operations and investment strategies.
Manulife will support distribution through its global channels, enhancing access to capital. AMG, a minority investor in Comvest Credit Partners since 2020, will withdraw from the credit business but retain its interest in Comvest Partners’ private equity arm.
The transaction includes an additional performance-based consideration of up to $337.5m and provides Manulife with an option to purchase the remaining 25% stake. It is anticipated to boost core earnings per share, return on equity, and EBITDA margin for Manulife’s Global Wealth and Asset Management segment.
Comvest Partners founder Michael Falk sad: “After building Comvest over the past two decades, it was important to find a partner who shares our values and vision for the future.
“Manulife distinguished itself through their long-term investment mindset, deep credit expertise, and cultural fit with our team. I couldn’t be more excited about the opportunity this partnership creates for our investors, our employees, and the next generation of leadership at Comvest.”
The deal is subject to customary regulatory approvals and is expected to close in Q4 2025.
