Investment funds advised by Wafra, the $30 billion New York-based alternative asset manager, entered into a definitive agreement to acquire Navitas Credit, a company in equipment finance solutions, from United Community Bank, a wholly-owned subsidiary of United Community Bank (UCB), for approximately $1.9 billion in cash. Navitas will continue to be led by its current management team following the closing of the transaction.
“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,” Edward Tsai, head of real assets and infrastructure at Wafra, said. “The company’s success has been driven by the strength of its team, its disciplined underwriting approach and its solutions-oriented commitment to its partners and customers. We are pleased to add Navitas to our portfolio of high-quality asset-backed businesses and look forward to supporting the company through its next phase of growth.”
Anthony Peek, managing director at Wafra, added, “This transaction builds on Wafra’s long-standing experience partnering with management teams across numerous equipment finance platforms to provide aligned capital and strategic support.”
Mike Bruman, CEO of Navitas, said, “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. We are deeply grateful to United Community for its partnership, support and belief in our vision. Their investment in our business has helped build the organization we are today. As we look to the future, our growth trajectory and ambitions called for a different capital structure. In Wafra, we could not have found a better partner to support our ambitions. Wafra understands our industry, brings deep sector expertise in specialty and equipment finance, and is committed to investing in our future.”
The transaction is expected to be completed in Q3/26 and is subject to customary closing conditions.
Bank of America and Wells Fargo are providing acquisition financing, as well as $1 billion of additional financing capacity to support Navitas’ continued growth. BofA Securities acted as exclusive financial advisor to United, and Squire Patton Boggs (US) served as United’s legal advisor. Sidley Austin served as lead transaction counsel to Wafra, with additional legal advice from Chapman and Cutler (financing) and Clifford Chance (funds). Rinaldi Advisory Services advised Wafra on operational due diligence.
