Financial services giant Manulife set to acquire Comvest Credit Partners, a move aimed at expanding its credit business.
Manulife Financial Corporation has announced a significant move in the private credit market, agreeing to acquire a 75% stake in Comvest Credit Partners for US$937.5 million in upfront consideration. This strategic move aims to create a combined $18.4 billion private credit asset management platform, branded as Manulife | Comvest.
Co-branding and Leadership Changes
The new platform will be co-branded as Manulife | Comvest, with Robert O'Sullivan, Co-Founder and CEO of Comvest, appointed as Head of the newly aligned business. Robert will report directly to Anne Valentine Andrews, Global Head of Private Markets, and will join the Private Markets Executive Committee. Michael Falk, Founder of Comvest, will assume the role of Senior Advisor and Board Member.
Complementary Capabilities and Market Position
Comvest specializes in middle-market direct lending, including senior secured and unitranche loans with a focus on non-sponsor lending and specialty finance for founder-owned and sponsor-backed companies. This complements Manulife’s existing expertise, allowing the firms to address diverse credit needs across the market. By combining Comvest's US$14.7 billion with Manulife’s $3.7 billion senior credit team, the new platform will manage $18.4 billion, positioning Manulife as a major player in private credit.
Growth and Client Alignment
The acquisition supports demand growth for private credit assets globally, enhancing Manulife’s ability to serve its 19 million institutional, retirement, and retail clients worldwide. The co-branding strategy aims to leverage Manulife’s position in the sponsor-backed market to broaden reach.
Financial Benefits
The transaction is expected to be immediately accretive to Manulife’s core earnings per share (EPS), core return on equity (ROE), and EBITDA margins, indicating strong financial attraction for Manulife shareholders.
Cultural Fit and Operational Continuity
Comvest’s leadership will continue to lead the private credit platform to maintain consistency in investment processes and strategy, ensuring operational continuity and cultural alignment, which is critical for integration success.
Future Growth and Profitability
The acquisition is designed to create a leading, globally scaled private credit platform that leverages both companies’ strengths, expands the product offering, meets rising client demand, and drives future growth and profitability within Manulife’s asset management business.
Closing Conditions and Timeline
The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions and approvals. Morgan Stanley & Co. LLC is acting as exclusive financial advisor to Manulife on the transaction, while Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor.
The agreement provides Manulife the ability to purchase the remaining 25% through a put/call mechanism. Comvest will be eligible for additional consideration of up to US$337.5 million, contingent on achieving certain performance targets.
This move aligns with Manulife’s strategy to increase earnings from its highest potential businesses within its Global Wealth and Asset Management segment by leveraging Comvest’s established scale, differentiated middle-market lending approach, and strong cultural fit. The acquisition creates a leading US$18.4 billion private credit asset management platform.
[1] Manulife News Release, 2025 [2] Comvest Credit Partners Website [3] Manulife Investor Presentation, 2025 [4] Morgan Stanley & Co. LLC Press Release, 2025 [5] Skadden, Arps, Slate, Meagher & Flom LLP Press Release, 2025
Here are two sentences that contain the words 'finance', 'investing', and 'business' based on the provided text:
- This strategic move aims to create a combined $18.4 billion private credit asset management platform, branded as Manulife | Comvest, which will allow the firms to address diverse credit needs across the market in the business sector, contributing to the growth of the private credit market and financial portfolios.
- The acquisition supports demand growth for private credit assets globally, enhancing Manulife’s ability to serve its 19 million institutional, retirement, and retail clients worldwide by providing them with various investment opportunities in the private credit market, ultimately boosting the company's business and revenue.
