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Marathon Asset Management and Webster Bank Provide Senior Secured Financing for Littlejohn’s Acquisition of Sunbelt Modular

By: via 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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241121900814/en/

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.

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