Marathon Asset Management, a global credit manager with $23bn in AUM, and Webster Financial Corporation, the holding company for $76bn commercial bank Webster Bank, are to launch a private credit joint venture, which will deliver direct lending solutions to sponsor-backed middle market companies.
According to a press statement, “the partnership combines each firm’s credit expertise, private equity sponsor relationships and standing in the middle market with Marathon’s 26-plus years of experience in asset management and Webster Bank’s full banking product suite that serves companies primarily in the middle market”.
The joint venture will originate directly sourced senior secured loans across various industries in which Marathon and Webster Bank have established track records of investing, with more than 100 employees from both companies working closely together, including investment and business development professionals.
Marathon’s direct lending business provides private equity sponsors with creative financing solutions for acquisitions, refinancings and recapitalisations, while also providing borrowers with private credit asset-based lending and capital solutions.
Webster Bank’s Sponsor & Specialty Finance Group has provided credit solutions and other banking services to the portfolio companies of private equity sponsors for two decades. Its dedicated team of over 50 bankers has fostered relationships with more than 125 sponsors nationwide.
