$1.9B Navitas Sale Highlights Rising Interest in Specialty Lending
Wafra has agreed to acquire Navitas Credit Corp. from United Community Bank for $1.9 billion in cash, expanding its presence in specialty finance and equipment leasing. The acquisition will be made through investment funds advised by Wafra and is expected to close in the third quarter of 2026.
Founded in 2008, Navitas specializes in financing essential equipment purchases for small and mid-sized businesses. Headquartered in Ponte Vedra, Florida, the company operates nationwide with more than 200 employees across six locations and has built a reputation as a leading provider of equipment finance solutions.
Following the transaction, Navitas will continue to operate under its existing management team, with CEO Mike Bruman remaining at the helm.
“Today marks an exciting next chapter in the evolution of Navitas,” Bruman said. “This transaction reflects the strength and success of Navitas and positions us for continued growth as an independent equipment finance company.”
To support the acquisition and future expansion plans, Bank of America and Wells Fargo are providing acquisition financing as well as an additional $1 billion in financing capacity.
“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,” said Edward Tsai, head of real assets and infrastructure at Wafra, who manage approximately $30 billion in alternative investment strategies.
BofA Securities acted as exclusive financial advisor to United, and Squire Patton Boggs (US) LLP served as United’s legal advisor.
Sidley Austin LLP served as lead transaction counsel to Wafra, with additional legal advice from Chapman and Cutler LLP (financing) and Clifford Chance LLP (funds). Rinaldi Advisory Services advised Wafra on operational due diligence.
