Webster Bank and Marathon Asset Management Announce Private Credit Joint Venture
01 Juillet 2024 - 3:15PM
Business Wire
Synergistic and strategic partnership will
finance middle market companies of private equity sponsors
Webster Financial Corporation, the holding company for Webster
Bank, N.A. (“Webster Bank”), a top performing commercial bank with
$76 billion in assets, and Marathon Asset Management, L.P.
(“Marathon”), a leading global credit manager with $23 billion in
assets under management, today announced they are forming a private
credit joint venture, which will deliver direct lending solutions
to sponsor-backed middle market companies.
The partnership combines each firm’s credit expertise, private
equity sponsor relationships and standing in the middle market with
Webster Bank’s full banking product suite that serves companies
primarily in the middle market and Marathon’s 26-plus years of
experience in asset management. The joint venture will originate
directly sourced senior secured loans across various industries in
which Webster Bank and Marathon have established track records of
investing, with more than 100 employees from both companies working
closely together, including investment and business development
professionals.
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.
“This joint venture allows Webster to better serve and support
our clientele, while at the same time diversifying our revenue and
realizing a greater portion of our Sponsor franchise’s
capabilities,” said John Ciulla, Chairman and Chief Executive
Officer, Webster Financial Corporation. “We will be able to offer
our clients larger facilities and additional financing solutions
alongside the outstanding client experience Webster has always
provided. Expanding our capabilities with this venture will have
the added benefit of generating asset management income.”
“We are excited to partner with Marathon as we augment the
credit solutions available to our clients,” added Andre Paquette,
Group Head of Sponsor & Specialty Finance at Webster Bank.
“Webster has a strong sponsor finance business, reliable execution
and client-centric approach. This will complement Marathon’s long
operating history, deep knowledge of the credit markets and proven
asset management expertise.”
“Marathon is proud to announce this unique private credit
partnership with Webster Bank,” said Bruce Richards, CEO and
Chairman, Marathon. “Both companies possess deep private equity
sponsor relationships, a strong reputation in the middle market,
and a renowned investment team dedicated to middle market lending.
By combining our strengths, together we have created a powerful
partnership in direct lending that will benefit our investors for
years to come.”
Marathon’s direct lending business provides private equity
sponsors with creative financing solutions for acquisitions,
refinancings and recapitalizations, while also providing borrowers
with private credit asset-based lending and capital solutions.
“This partnership with Webster Bank is a natural extension of
our collaboration over several years,” added Curtis Lueker,
Managing Director and Head of Direct Lending, Marathon. “Together,
we look forward to serving private equity sponsors as a trusted and
reliable capital provider with full capabilities.”
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 $76 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.
About Marathon Asset Management
Marathon is a leading global credit manager with $23 billion of
capital under management. The firm was founded in 1998 and is
managed by Bruce Richards, CEO & Chairman, and Louis Hanover,
CIO, and employs approximately 190 professionals, with a 20-member
Executive Committee and 8 Partners that include Christine
Chartouni, Ed Cong, Jason Friedman, Jeff Jacob, Jamie Raboy, and
Andy Springer. Its corporate headquarters are in New York City, and
it has offices in London, Miami, Los Angeles, and Luxembourg.
Marathon is a Registered Investment Adviser with the Securities and
Exchange Commission. For more information, please visit the
company’s website at www.marathonfund.com or contact Curtis Lueker,
Managing Director and Head of Direct Lending at 212-500-3088 or
clueker@marathonfund.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240701574857/en/
Webster Financial Corporation Media Inquiries Alice
Ferreira acferreira@websterbank.com 203-578-2610
Webster Financial Corporation Investor Inquiries Emlen
Harmon eharmon@websterbank.com 212-309-7646
Marathon Asset Management Media Inquiries Prosek Partners
pro-marathon@prosek.com 646-818-9283
Webster Financial (NYSE:WBS)
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