Manulife to acquire 75% of Comvest for $937.5M

Manulife intends to acquire 75% of Comvest Credit Partners through its global wealth and asset management business for US$937.5 million, the insurer announced Wednesday.

Comvest will be eligible for additional consideration of up to US$337.5 million, contingent on achieving certain performance targets. The agreement also allows Manulife to buy the remaining 25% in future.

Manulife expects the deal to close in the fourth quarter, subject to customary closing conditions and approvals.

Comvest is a middle-market direct lending private credit manager with US$14.7 billion on its platform. As part of the agreement, Manulife will co-brand the new platform as Manulife Comvest and add its US$3.7 billion senior credit team to it.

Comvest founder Michael Falk will become a senior advisor and board member to offer strategic advice and guidance. Robert O’Sullivan, co-founder and CEO of Comvest, will be head of the new Manulife Comvest. O’Sullivan will report directly to Anne Valentine Andrews, global head of private markets, and join Manulife’s private markets executive committee.

Jonathan Got

Jonathan Got is a reporter with Advisor.ca and its sister publication, Investment Executive. Reach him at jonathan@newcom.ca.