Manulife and Comvest Lead $130 Million Financing to Boost Sylmar’s Expansion Strategy

Manulife and Comvest Drive $130 Million Refinancing for Sylmar

In a significant move to bolster its long-term growth, Sylmar Group has secured a $130 million senior secured credit facility led by Manulife | Comvest Credit Partners. This partnership is set to finance Sylmar's ambitious expansion initiatives within the critical water and wastewater sectors. Established in Los Angeles, the Sylmar Group specializes in acquiring and growing businesses that provide essential water services to various customers across the United States.

Expansion Support through Strategic Financing

As the administrative agent and sole lender for this financing, Manulife | Comvest aims to not only refinance Sylmar's previous credit arrangements but also support its ongoing growth strategy and recent acquisitions. This capital infusion aligns with the sustenance of Sylmar’s operations and future growth opportunities. Founded in 2019, Sylmar has expanded quickly, operating across a broad landscape that includes water treatment and utility services, making this refinancing crucial for its continued success.

"Sylmar is a fast-growing leader in industrial water services. They deliver critical solutions that ensure regulatory compliance and maintain operational reliability," remarks Jack Wyatt, Managing Director at Manulife | Comvest Credit Partners. He highlights their commitment to providing flexible capital solutions tailored to the specific needs and strategic growth paths of companies within essential industries.

Aligning Interests for Growth

Scott Soracoe, Managing Director and Co-Head of Industrials at Manulife | Comvest, emphasized the company’s credit strategy focused on investing in well-positioned middle-market companies. Their involvement in financing projects in niche industrial sectors reflects their tailored approach to investment.

Peter Brooks, the CEO of Sylmar Group, expresses enthusiasm about this partnership, stating, "Our mission at Sylmar is to build the future of water. We have significantly grown over the last five years, and now, we need a trusted credit capital partner to support our customers and dedicated team of water professionals. Manulife | Comvest not only understands our industry but also provides flexible solutions that help us achieve our expansion goals."

Manulife | Comvest Credit Partners: A Comprehensive Approach

Manulife | Comvest Credit Partners operates a $20.4 billion private credit platform, fusing the private credit expertise of Manulife Wealth & Asset Management with the specialized capabilities of Comvest Credit Partners. This potent combination enables them to deliver innovative and flexible financing solutions for a diverse range of companies. The synergy between their teams offers a full spectrum of private credit services, underpinned by robust origination channels and meticulous underwriting practices.

This partnership not only signifies Sylmar's growth trajectory but also marks Manulife’s strategic focus on enhancing service sectors that show durability and consistent customer demand. By supporting companies capable of meeting today's complex operational demands, they exemplify their commitment to finding creative financing solutions.

As Sylmar embarks on this new chapter of growth, the collaboration with Manulife | Comvest signals a promising future in providing indispensable water services that ensure quality and compliance across industries. The agreement also represents a potential benchmark for future financing strategies within the industrial water services sector, propelling both entities further into the market landscape.