News

Marathon Asset Management, a global credit manager, and Webster Financial, the holding company for Webster Bank, are forming a private credit joint venture, which will deliver direct lending solutions to sponsor-backed middle market companies.

B. Riley Securities advised on the sale of The Santa Barbara Smokehouse (SBS), a producer of smoked salmon, to HKW’s portfolio company, PANOS Brands, (PANOS), a provider of branded consumer foods. Financial terms of the transaction were not disclosed.

Cedar Croft Consulting has recently been engaged as interim CEO of a quick service restaurant chain with operations in the U.S. Northeast and Southwest. Cedar Croft will be repositioning the company to achieve the growth goals of the fourth-generation owner.

ICE Benchmark Administration (IBA), the authorized and regulated administrator of LIBOR, has provided an update regarding the cessation of U.S. dollar LIBOR.

Banks and other lenders shared a mostly positive outlook for the asset-based lending market in the first quarter, fueled by predictions of a soft landing for the U.S. economy, according to data released by the Secured Finance Network.

GLM III and its affiliated investment manager GoldenTree Asset Management closed a $501 million collateralized loan obligation (CLO) to be managed by GLM III. The CLO was arranged by Wells Fargo Securities as sole lead.

First Business Bank’s accounts receivable financing group funded $10 million factoring facility for a collection of companies that provide various services, such as staffing, linen and laundry, to the hospitality industry.

Haynes and Boone guided Eos Energy Enterprises, a company in zinc-based long-duration energy storage systems, in securing a strategic investment of up to $315.5 million from an affiliate of Cerberus Capital Management.

CAN Capital, an innovator in alternative small business finance, has successfully completed a $175 million funding program, which includes a variable funding note facility with a maximum borrowing amount of $50 million and a $125 million asset-backed notes term securitization.

Beth Rahn launched her fundraising advisory firm, New Era Advisors, which will provide fundraising advisory and fund placement services to female and diverse investment managers in the private markets, including private equity, growth equity, venture capital, real estate and private...