Manulife to Acquire Comvest Credit Partners for $937.5 Million, Creating $18.4 Billion Private Credit Platform

Manulife to acquire 75% of Comvest Credit Partners for $937.5 million upfront, creating an $18.4 billion private credit platform, Manulife | Comvest. The acquisition is expected to close in Q4 2025 and boost key financial metrics immediately. Robert O'Sullivan, Comvest's CEO, will lead the new entity. The deal is financed through existing cash reserves and has a performance-based earnout structure.

Title: Manulife Acquires 75% Stake in Comvest Credit Partners for $937.5 Million

Manulife Financial Corporation has announced the acquisition of a 75% stake in Comvest Credit Partners for an upfront consideration of $937.5 million. This strategic move aims to create a leading private credit asset management platform with a combined asset value of $18.4 billion. The transaction is expected to be immediately accretive to Manulife's core earnings per share (EPS), return on equity (ROE), and earnings before interest, taxes, depreciation, and amortization (EBITDA) margin [1].

Comvest, a rapidly growing middle market private credit manager, will align its $14.7 billion platform with Manulife's $3.7 billion Senior Credit team. The new platform, co-branded as Manulife | Comvest, will offer a diversified strategy encompassing non-sponsor lending, specialty finance sector exposure, and traditional sponsor lending in the core mid-market. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions and approvals [2].

Manulife's President and CEO, Phil Witherington, stated, "This acquisition further enhances our private markets platform by adding differentiated capabilities in private credit. The transaction is expected to be immediately accretive to core EPS, core ROE, and core EBITDA margin, contributing to the strong growth trajectory of our broader Global Wealth and Asset Management business" [1].

Robert O'Sullivan, Co-Founder and CEO of Comvest, will lead the newly aligned business, reporting directly to Anne Valentine Andrews, Global Head of Private Markets. The transaction will be funded entirely with cash on hand, resulting in less than a 3-point reduction to Manulife's LICAT ratio [1].

The acquisition follows Manulife's strategic focus on disciplined, strategic capital deployment. It aims to provide flexible, tailored financing to businesses underserved by traditional lenders, while offering investors attractive, risk-adjusted returns. The new platform will complement Manulife's existing public market alternative credit platform, Manulife | CQS Investment Management, positioning the company to offer the full spectrum of credit solutions to clients [1].

The deal is expected to close in the fourth quarter of 2025, subject to regulatory approval. BofA Securities served as exclusive financial advisor to Comvest, and Kirkland & Ellis served as its legal counsel [2].

References
[1] https://www.ainvest.com/news/manulife-acquires-majority-stake-comvest-credit-partners-937-5-million-2508/
[2] https://alternativecreditinvestor.com/2025/08/07/manulife-buys-75pc-stake-in-comvest-to-create-18-4bn-private-credit-platform/