Manulife | Comvest Credit Partners, the private credit platform of Manulife Wealth & Asset Management, announced it is acting as administrative agent and sole lender on a $130 million senior secured credit facility for Sylmar Group.
The financing refinances Sylmar’s prior credit facility and supports the company’s ongoing growth strategy, including a recent acquisition, while also providing capital for future acquisitive expansion. Based in Los Angeles, Sylmar specializes in acquiring and growing businesses in the water and wastewater sectors.
Founded in 2019, Sylmar has built a nationwide platform delivering essential water treatment and utility services to utility and commercial customers across the United States. Its brand portfolio includes ProChem, EAI Water, Clearwater Industries, R2J Chemical Services, and Eastern Technologies Inc.
The transaction underscores Manulife | Comvest Credit Partners’ continued expansion in the water services segment and broader industrial subsectors. The firm said the investment aligns with its strategy of backing well-positioned middle-market companies operating in niche industries with recurring customer demand.
Manulife | Comvest Credit Partners manages $20.4 billion in assets under management as of December 31, 2025. The platform combines the private credit capabilities of Manulife Investment Management and Comvest Credit Partners, offering financing solutions to both sponsored and non-sponsored companies.
Sylmar said the new credit facility provides the long-term capital support needed to scale its operations and continue building out its national water services platform.
KEY QUOTES
“Sylmar is a fast-growing leader in industrial water services, delivering critical solutions that support regulatory compliance and operational reliability. 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.”
Jack Wyatt, Managing Director, Manulife | Comvest Credit Partners
“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.”
Scott Soracoe, Managing Director And Co-Head Of Industrials, 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. 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.”
Peter Brooks, CEO, Sylmar Group
