CVC Acquires Marathon for $1.2 Billion in Strategic Move

CVC, one of the world’s foremost private markets investment firms, has entered into an agreement to acquire Marathon, a leading global credit manager, for a total consideration valued at up to $1.2 billion. The deal, which includes both cash and equity components, is set to significantly enhance CVC’s access to the burgeoning US market through Marathon’s established positions in Asset-Based, Real Estate, Opportunistic, and Public Credit.

The transaction comprises $400 million in cash and up to $800 million in equity, with additional earn-out considerations linked to Marathon’s future financial performance from FY2027 to FY2029, potentially adding another $200 million in cash and $200 million in equity. The acquisition is expected to be EPS neutral in 2027 and EPS accretive from 2028 onwards, prior to any revenue or cost synergies.

Upon completion, CVC’s combined credit business will manage approximately €61 billion in Fee-Paying Assets under Management (FPAUM), positioning it as a formidable multi-asset global credit manager. This acquisition aligns with CVC’s strategic goal of achieving double-digit growth in FPAUM, targeting €200 billion by 2028.

Rob Lucas, CEO of CVC, commented on the acquisition, stating, “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.” He emphasized the alignment of Marathon’s investment-led culture with CVC’s approach.

Marathon, known for its robust origination platform and disciplined risk management, has maintained a strong focus on delivering exceptional investment performance for its clients. Bruce Richards, Co-Founder of Marathon, expressed enthusiasm about the partnership, noting that CVC’s global reach and investment insights will create a powerful collaboration.

The acquisition is subject to regulatory approvals and is anticipated to close in the third quarter of 2026. CVC’s advisors for this transaction include JP Morgan, Freshfields, Fried Frank, and Ernst & Young, while Marathon was advised by Sidley Austin.

As the deal progresses, CVC aims to integrate Marathon’s operations while maintaining its commitment to delivering value to clients across institutional, private wealth, and insurance channels globally. This acquisition not only broadens CVC’s credit offerings but also enhances its ability to scale and serve a diverse client base.