Marathon Asset Management, a global credit manager, and Webster Bank, a commercial bank in the Northeast, closed a senior secured financing agreement for Sunbelt Modular, a designer and manufacturer of modular building solutions, to support its acquisition by funds advised by Littlejohn.
“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,” Curtis Lueker, head of direct lending for Marathon Asset Management, said. “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.
“Marathon’s powerful partnership with Webster Bank offers reliable, tailored and creative financing solutions to middle market companies and private equity sponsors,” Bruce Richards, CEO and chairman of Marathon, said. “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.”
