CVC and Marathon Asset Management announced they have agreed to a transaction in which CVC will acquire 100% of Marathon in a cash-and-equity deal, with a base consideration valued at up to $1.2 billion.
The acquisition is designed to expand CVC’s credit footprint in the U.S., using Marathon’s positions across asset-based, real estate, opportunistic, and public credit to complement CVC’s existing scale in European liquid credit and direct lending. CVC said it is the number one European CLO manager and a top-three manager in European direct lending.
Following completion, CVC said combining CVC Credit with Marathon would lift CVC Credit’s fee-paying assets under management to approximately €61 billion. The firm said the deal supports its broader ambition to deliver double-digit growth in fee-paying AUM to €200 billion by 2028, alongside growth across institutional, private wealth, and insurance distribution.
The parties said the $1.2 billion closing consideration comprises $400 million in cash and up to $800 million in CVC equity, with additional earn-out consideration tied to Marathon’s performance from FY2027 through FY2029 of up to $200 million in cash and $200 million in CVC equity. The company said the acquisition is expected to be EPS-neutral in 2027 and EPS-accretive from 2028 onwards, before any revenue or cost synergies.
After closing, Marathon will be rebranded as CVC Marathon, with Bruce Richards and Lou Hanover continuing to co-head the Marathon credit strategies. Richards is expected to join CVC’s Partner Board and, alongside Andrew Davies, will be responsible for managing the combined CVC Credit business.
The transaction is subject to regulatory and other consents and is expected to close in Q3 2026.
Support: Advisers to CVC included JP Morgan, Freshfields, Fried Frank and Ernst & Young, while advisers to Marathon included Sidley Austin.
KEY QUOTES
“This is a highly strategic transaction that accelerates our growth and reinforces the strength of our platform. Expanding credit capability in the US to complement our market-leading European platform has been a clear priority for CVC, and we are delighted to partner with Bruce, Lou, and the team. Marathon’s outstanding track record across multiple cycles, combined with its performance and investment-led culture, aligns perfectly with CVC’s approach. Together, the Marathon transaction combined with our recently announced strategic partnership with AIG, means we are even better positioned to deliver for our clients across the Institutional, Private Wealth, and rapidly growing Insurance channels.”
Rob Lucas, CEO of CVC
“For 28 years, Marathon’s unwavering mission is to deliver exceptional investment performance for clients through our robust origination platform, rigorous investment approach, deep specialization, and disciplined risk-management. CVC’s focus on delivering exceptional investment returns, integrity, collaboration, and client partnership closely aligns with Marathon’s culture. CVC’s global reach and its investment insights across multiple asset classes and geographies will deliver a powerful partnership, and we greatly look forward to growing our world class credit platform together with CVC.”
Bruce Richards, Co-Founder of Marathon
