Wafra Inc. Completes Major Acquisition of Navitas Credit Corp. for $1.9 Billion

Wafra Inc. Acquires Navitas Credit Corp.

Wafra Inc., a prominent alternative asset manager based in New York with over $30 billion in assets under management, has made headlines with its recent acquisition of Navitas Credit Corp., a notable player in equipment financing. The deal, valued at approximately $1.9 billion in cash, signals a strategic move by Wafra as it aims to enhance its portfolio in the financial services sector.

Details of the Acquisition

Announced on June 12, 2026, the agreement represents Wafra's effort to expand its reach and capabilities in the equipment finance industry. Navitas, which specializes in financing essential equipment purchases for small and mid-sized businesses, has established itself as a strong contender since its inception in 2008. The acquisition was made possible through investment funds advised by Wafra, further emphasizing the firm's commitment to growing through strategic partnerships.

Founded in Ponte Vedra, Florida, Navitas operates with a workforce of over 200 employees across six locations nationwide. The company's leadership, including its current management team, will remain intact to ensure a smooth transition post-acquisition. Edward Tsai, Head of Real Assets and Infrastructure at Wafra, expressed enthusiasm about the deal, acknowledging Navitas's robust history and commitment to customer service excellence. Tsai stated, "Navitas has distinguished itself in the equipment finance industry by growing successfully through multiple cycles while consistently serving its customers and delivering strong financial performance."

This acquisition is designed to integrate seamlessly into Wafra's existing portfolio of high-quality asset-backed businesses, aligning with its strategy of partnering with management teams to provide capital and strategic support. Anthony Peek, Managing Director at Wafra, added that this venture builds upon their extensive experience in the equipment finance sector, reinforcing their dedication to cultivating successful partnerships.

Growth and Future Prospects

Mike Bruman, CEO of Navitas, emphasized the positive implications of this acquisition for the company's trajectory. He stated, "Today marks an exciting next chapter in the evolution of Navitas... This transaction reflects the strength and success of Navitas and positions us for continued growth as an independent equipment finance company."

Bruman pointed out that the collaboration with Wafra was essential in reshaping their capital structure, highlighting that they found an ideal partner who understands the nuances of their industry. Wafra’s strategic focus on investments in specialty and equipment finance aligns with Navitas's future growth ambitions.

The transaction is anticipated to close in the third quarter of 2026, pending customary closing conditions which include regulatory approvals. The acquisition financing will be supported by major financial institutions including Bank of America and Wells Fargo, which will provide not only the required funds for the acquisition but also an additional $1 billion in financing capacity to aid Navitas's ongoing growth initiatives.

Legal and Advisory Teams

On the advisory front, BofA Securities served as the exclusive financial advisor to United Community Bank regarding this transaction, while Squire Patton Boggs acted as their legal advisor. Wafra's interests were managed by Sidley Austin LLP in the role of lead transaction counsel, with additional support from Chapman and Cutler LLP for financing and Clifford Chance LLP for funds structuring. Operational due diligence was conducted by Rinaldi Advisory Services, underscoring the comprehensive nature of this acquisition.

Conclusion

In conclusion, Wafra's acquisition of Navitas Credit Corp. marks a pivotal moment for both organizations. As they join forces, the spotlight will be on how they leverage their combined strengths to introduce innovative financing solutions for small and mid-sized businesses, fostering continued growth in the evolving financial landscape.