Manulife | Comvest Credit Partners leads $130 million refinancing of Sylmar to support expansion strategy

Investment deepens presence in the water services segment

WEST PALM BEACH, Fla., Feb. 24, 2026 /PRNewswire/ - Manulife | Comvest Credit Partners, the private credit platform of Manulife Wealth & Asset Management, today announced that it is acting as administrative agent and sole lender on a $130 million senior secured credit facility for the Sylmar Group ("Sylmar" or "the  Company"). Based in Los Angeles, Sylmar specializes in acquiring and growing businesses in the water and wastewater sectors. The investment refinances the Company's prior credit facility and supports its ongoing growth strategy, including a recent acquisition, and provides capital for future acquisitive expansion.  

Since its founding in 2019, Sylmar has built a nationwide platform providing essential water treatment and utility services to utility and commercial customers across the United States. The Company's brand portfolio includes ProChem, EAI Water, Clearwater Industries, R2J Chemical Services, and Eastern Technologies Inc.

"Sylmar is a fast-growing leader in industrial water services, delivering critical solutions that support regulatory compliance and operational reliability," said Jack Wyatt, a Managing Director at Manulife | Comvest Credit Partners. "We are pleased to support Sylmar with a flexible capital solution to help advance its immediate needs and long-term, acquisition-driven growth. This transaction exemplifies our experience in structuring creative financing for companies in complex, essential industries."

"This transaction aligns with our credit strategy focused on investing in well-positioned middle-market companies across targeted sectors, including attractive niche industrial subsectors with durable, recurring customer demand, and we have built meaningful experience as a lender in the water services segment," said Scott Soracoe, a Managing Director and Co-Head of Industrials at Manulife | Comvest Credit Partners.

 "Our mission at Sylmar is to build the future of water. Over the last five years, we have grown to a size and scale where we needed a trusted, long-term credit capital partner to help us deliver for our customers and our dedicated team of water professionals," said Peter Brooks, Sylmar CEO. "Manulife | Comvest Credit Partners has the knowledge of our industry, flexibility on structure, and tailored strategies to help us meet our growth goals. We're excited to continue growing together."

About Manulife | Comvest Credit Partners

Manulife | Comvest Credit Partners is a $20.4 billion¹ private credit platform that combines the private credit expertise and specialized capabilities of Manulife Investment Management and Comvest Credit Partners, bringing together scale, permanence, and deep market knowledge. The platform provides creative and flexible financing solutions to both sponsored and non-sponsored companies. Alongside Manulife Investment Management's $24 billion private equity program and global distribution network, the platform offers a full spectrum of private credit, supported by deep origination channels, rigorous underwriting discipline, and the financial strength of one of the world's largest global insurers. For more information, please visit https://www.comvest.com.

About Manulife Wealth & Asset Management

As part of Manulife Financial Corporation, Manulife Wealth & Asset Management's mission is to make decisions easier and lives better by helping people invest confidently to pursue a more secure financial future. Our strength comes from the diversity of our global asset management expertise and distribution capabilities. Our global investment teams span equities, fixed income, alternative credit, private markets, and multi-asset solutions. We provide investment, financial advice, and retirement plan services to millions of individuals, institutions, and retirement plan members worldwide. At the heart of our approach are three cultural pillars: Partner for Progress, Trust through Transparency, and Intellectual Curiosity. These values shape how we build long-term relationships, develop differentiated investment strategies, and empower advisors and clients to seek meaningful financial outcomes. Whether through cutting-edge technology, AI innovation, personalized advice, or sustainable stewardship, Manulife Wealth & Asset Management is a trusted partner helping clients navigate complexity and invest with confidence. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.

About Sylmar Group

Sylmar Group is a nationwide water company that provides a range of water treatment and water distribution solutions for industrial, commercial, agricultural, and municipal clients across the United States. For more information, please visit: https://sylmargrp.com 

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Gabriel Morales
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SOURCE Manulife Wealth & Asset Management