AMG exits stake in Comvest Credit Partners

Manulife Wealth & Asset Management acquires 75% of Comvest Credit Partners, creating an $18.4 billion private credit asset management platform called "Manulife | Comvest"

• Comvest Credit is the mid-market direct lending platform of Comvest Partners with $14.7 billion in AUM

• Manulife will pay $937.5 million in upfront consideration, and $337.5 million contingent on achieving performance targets

• Manulife will be able to purchase the remaining 25% through a put/call mechanism after ~6 years post-closing

• AMG, a minority investor in the broader Comvest Partners, will exit its stake in Comvest Credit for ~$285 million, but will maintain its interest in Comvest Private Equity

• Advisors: Manulife (Morgan Stanley, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates), Comvest (Bank of America, Kirkland & Ellis)

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