Manulife Financial Corporation announced Aug. 6 that it has signed an agreement to acquire 75 per cent of Comvest Credit Partners for US$937.5 million in upfront consideration. The deal was carried out through its Global Wealth and Asset Management segment and is expected to close in the fourth quarter of 2025.
In a statement, Manulife described Comvest as a “rapidly growing, middle market direct lending private credit manager with US$14.7 billion on its platform.”
Manulife says that as part of the deal, it will align its US$3.7 billion Senior Credit team with Comvest, creating a US$18.4 billion private credit asset management platform. Manulife plans to co-brand this new platform as Manulife | Comvest.
"Our acquisition of Comvest Credit Partners further enhances our private markets platform by adding differentiated capabilities in private credit,” stated Phil Witherington, Manulife President & Chief Executive Officer.
As well as the upfront consideration, Comvest will be eligible for additional consideration of up to US$337.5 million, contingent on achieving certain performance targets. The agreement provides Manulife the ability to purchase the remaining 25% through a put/call mechanism.
Michael Falk, Founder of Comvest, will take on the role of Senior Advisor and Board Member. Robert O'Sullivan, Co-Founder and CEO of Comvest, will be appointed Head of the newly aligned business.
