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Marathon Asset Management and Webster Bank have closed a senior-secured financing agreement for Sunbelt Modular to support its acquisition by Littlejohn & Co. Sunbelt, a leading modular building solutions provider with over 45 years of history and 1,300+ employees, will continue to be led by CEO Ron Procunier. This marks the second financing transaction completed by Marathon and Webster Bank’s Private Credit joint venture. Marathon’s Private Credit platform offers financing solutions ranging from $50 million to $250 million, while working alongside Webster Bank’s middle market sponsor lending program.
Marathon Asset Management e Webster Bank hanno concluso un accordo di finanziamento senior-secured per Sunbelt Modular a sostegno della sua acquisizione da parte di Littlejohn & Co. Sunbelt, un importante fornitore di soluzioni di edifici modulari con oltre 45 anni di storia e più di 1.300 dipendenti, continuerà ad essere guidata dal CEO Ron Procunier. Questo rappresenta la seconda operazione di finanziamento completata dalla joint venture di Private Credit tra Marathon e Webster Bank. La piattaforma di Private Credit di Marathon offre soluzioni di finanziamento che vanno da 50 milioni a 250 milioni di dollari, collaborando con il programma di prestiti per sponsor di mercato medio di Webster Bank.
Marathon Asset Management y Webster Bank han cerrado un acuerdo de financiación senior-secured para Sunbelt Modular para apoyar su adquisición por Littlejohn & Co. Sunbelt, un destacado proveedor de soluciones de construcción modular con más de 45 años de historia y más de 1,300 empleados, continuará siendo dirigida por el CEO Ron Procunier. Esta es la segunda operación de financiamiento completada por la joint venture de Private Credit entre Marathon y Webster Bank. La plataforma de Private Credit de Marathon ofrece soluciones de financiamiento que varían de 50 millones a 250 millones de dólares, trabajando junto a la programa de préstamos para patrocinadores del mercado medio de Webster Bank.
마라톤 자산 관리와 웹스터 뱅크가 선벨트 모듈러의 인수를 지원하기 위해 리틀존 & 컴퍼니에 대한 senior-secured 금융 계약을 체결했습니다. 선벨트는 45년 이상의 역사와 1,300명 이상의 직원을 가진 주요 모듈 건축 솔루션 제공업체로, CEO 론 프로큐니어가 계속 이끌게 됩니다. 이것은 마라톤과 웹스터 뱅크의 프라이빗 크레딧 합작 투자에서 완료된 두 번째 금융 거래입니다. 마라톤의 프라이빗 크레딧 플랫폼은 5천만 달러에서 2억 5천만 달러까지의 금융 솔루션을 제공하며, 웹스터 뱅크의 중간 시장 후원 대출 프로그램과 협력하고 있습니다.
Marathon Asset Management et Webster Bank ont conclu un accord de financement senior-secured pour Sunbelt Modular afin de soutenir son acquisition par Littlejohn & Co. Sunbelt, un fournisseur de solutions de construction modulaire de premier plan avec plus de 45 ans d’histoire et plus de 1 300 employés, continuera d’être dirigé par le PDG Ron Procunier. Cela marque la deuxième transaction de financement réalisée par la coentreprise de Private Credit de Marathon et Webster Bank. La plateforme de Private Credit de Marathon propose des solutions de financement allant de 50 millions à 250 millions de dollars, tout en travaillant aux côtés du programme de prêts pour sponsors de marché intermédiaire de Webster Bank.
Marathon Asset Management und Webster Bank haben eine Senior-Secured-Finanzierungsvereinbarung für Sunbelt Modular abgeschlossen, um dessen Übernahme durch Littlejohn & Co zu unterstützen. Sunbelt, ein führender Anbieter von modularen Bau-lösungen mit über 45 Jahren Erfahrung und mehr als 1.300 Mitarbeitern, wird weiterhin von CEO Ron Procunier geleitet. Dies ist die zweite Finanzierungs-transaktion, die von der Private-Credit-Joint-Venture von Marathon und Webster Bank abgeschlossen wurde. Die Private-Credit-Plattform von Marathon bietet Finanzierungs-lösungen von 50 Millionen bis 250 Millionen US-Dollar an und arbeitet dabei eng mit dem Mittelstands-Kreditsponsor-Programm von Webster Bank zusammen.
Positive
- Strategic partnership between Marathon ($23B AUM) and Webster Bank ($79B total assets)
- Established target company with 45+ years of history and 1,300+ workforce
- Expansion of Private Credit joint venture with second successful transaction
Insights
This deal represents a strategic expansion of Webster Bank’s private credit portfolio through its joint venture with Marathon Asset Management. The financing agreement strengthens WBS’s position in the middle-market lending space, particularly in the building products sector. Key positives include:
- Diversification of revenue streams through structured financing
- Partnership with Marathon Asset Management ($23 billion AUM) enhances deal sourcing capabilities
- Second successful transaction through the joint venture demonstrates execution capabilities
The deal aligns with Webster’s strategy to grow its commercial lending business and generate fee income. While the specific financing amount isn’t disclosed, the platform’s typical deal range of $50-250 million suggests a meaningful contribution to the loan portfolio. The partnership with Marathon provides additional risk mitigation through shared expertise.
NEW YORK–(BUSINESS WIRE)– Marathon Asset Management (“Marathon”), a leading global credit manager with more than $23 billion of assets under management, and Webster Bank, N.A. (“Webster Bank”), a leading commercial bank in the Northeast with $79 billion in total assets, are pleased to announce the closing of a senior-secured financing agreement for Sunbelt Modular, Inc. (“Sunbelt” or the “Company”) to support its acquisition by funds advised by Littlejohn & Co., LLC (“Littlejohn”). Sunbelt is a leading designer and manufacturer of modular building solutions.
Founded over 45 years ago, Sunbelt provides a robust suite of highly engineered structures for custom and fleet applications that serve a diverse set of commercial end markets. The Company will continue to be led by CEO Ron Procunier, an executive with more than 35 years of experience in the modular industry, supported by a team of 1,300-plus employees.
“Sunbelt’s in-house technical expertise, comprehensive product offering, and nationwide footprint uniquely position the Company to capitalize on favorable industry trends and deliver a superior value proposition to their customers,” said Curtis Lueker, Marathon’s Head of Direct Lending. “Littlejohn’s decades of experience investing and scaling businesses in the building products sector, coupled with Marathon’s dedicated expertise in building products, creates a compelling partnership in support of Sunbelt’s strategic plan for future growth.”
The closing of Sunbelt’s financing represents the second financing transaction completed by Marathon and Webster Bank’s Private Credit joint venture, which formed earlier this year.
“Marathon’s powerful partnership with Webster Bank offers reliable, tailored, and creative financing solutions to middle market companies and private equity sponsors,” said Bruce Richards, Marathon’s CEO and Chairman. “Marathon’s leadership and expertise across our Private Credit programs – Direct Lending, Capital Solutions, and Asset-Based Lending – coupled with Webster Bank’s exceptional middle market sponsor lending program and broader commercial banking services, offers a highly differentiated suite of capabilities.”
Marathon’s Private Credit platform is designed as a one-stop shop offering corporate, asset-based, and capital solutions, including senior and junior financings that range from $50 million to $250 million.
About Marathon Asset Management:
Marathon Asset Management, L.P. is a leading global asset manager specializing in the Public and Private Credit markets with over $23 billion of assets under management. Marathon has dedicated investment programs spanning the spectrum of Private Credit: Direct Lending, Asset-Based Lending and Opportunistic as well as Public Credit. Marathon was founded in 1998 and is managed by Bruce Richards (Co-Founder & CEO) and Louis Hanover (Co-Founder & CIO) and employs more than 180 professionals, with 8 Partners. Its corporate headquarters are located in New York City, and it has offices in London, Miami, Los Angeles, and Luxembourg. Marathon is a Registered Investment Adviser with the Securities Exchange Commission. For more information, please visit the company’s website at www.marathonfund.com.
About Webster Financial Corporation
Webster Financial Corporation (NYSE:WBS) is the holding company for Webster Bank, a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and Healthcare Financial Services, one of the country’s largest providers of employee benefits and administration of medical insurance claim settlements solutions. Headquartered in Stamford, CT, Webster Bank is a values-driven organization with $79 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information, including past press releases and the latest annual report, please visit the company’s website at www.websterbank.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241121900814/en/
Marathon Asset Management Media Inquiries
Prosek Partners
Josh Clarkson / Aidan O’Connor
jclarkson@prosek.com / aoconnor@prosek.com
646-818-9283
Webster Financial Corporation Media Inquiries
Alice Ferreira
203-578-2610
Webster Financial Corporation Investor Inquiries
Emlen Harmon
212-309-7646
Source: Marathon Asset Management
FAQ
What is the size range of Marathon’s Private Credit financing solutions?
Marathon’s Private Credit platform offers financing solutions ranging from $50 million to $250 million, including senior and junior financings.
Who will lead Sunbelt Modular after the Littlejohn acquisition financing?
Sunbelt Modular will continue to be led by CEO Ron Procunier, who has more than 35 years of experience in the modular industry.
How many employees does Sunbelt Modular have after the financing deal?
Sunbelt Modular employs more than 1,300 people.
What is Marathon Asset Management’s current AUM in 2024?
Marathon Asset Management has more than $23 billion of assets under management.
