Manulife Buys Comvest to Build $18.4 Billion Private Credit Unit

Manulife Financial Corp. agreed to buy a majority stake in Comvest Credit Partners, creating an $18.4 billion private credit platform as the insurer accelerates its expansion into alternative investments.

The company will acquire 75% of the middle-market lender for about $938 million, according to a statement Wednesday. The deal includes a potential earnout of as much as $337.5 million, contingent on performance, and gives Manulife the option to acquire the remaining 25% stake.

Comvest, which was founded in 2000, specializes in lending to middle-market companies not backed by private equity and specialty finance. Earlier this year, the firm had ...