Wafra acquires Navitas Credit for $1.9B
Bank of America, Wells Fargo providing acquisition financing
Alternative asset manager Wafra has agreed to acquire equipment finance provider Navitas Credit from United Community Bank for approximately $1.9 billion in cash.
The deal is expected to close in the third quarter, subject to customary conditions, according to a Wafra release today. Bank of America and Wells Fargo will provide acquisition financing, along with $1 billion of financing capacity to support Navitas’ continued growth.
New York-based Wafra, which manages about $30 billion in assets, was drawn to Navitas’ disciplined underwriting, customer-focused approach and track record of growth.
Ponte Vedra, Fla.-based Navitas, which provides equipment financing to small and midsize businesses nationwide, will continue to be led by its current team after the transaction closes.
“As we look to the future, our growth trajectory and ambitions called for a different capital structure,” Navitas Chief Executive Mike Bruman stated in the release. “Wafra understands our industry, brings deep sector expertise in specialty and equipment finance, and is committed to investing in our future.”
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