Webster Financial and Marathon Asset Management Form Private Credit Joint Venture
Slice of Finance Team
07/11/2024
Key Highlights:
- Webster Financial Corporation and Marathon Asset Management form a private credit joint venture.
- Joint venture targets sponsor-backed middle market companies.
- Combines Webster Bank’s banking suite with Marathon’s asset management expertise.
- Over 100 employees to collaborate on originating senior secured loans.
- Enhances Webster’s service capabilities and diversifies revenue streams.
Source (Business Wire)
Quotes
“ “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.” ”
John Ciulla, Chairman and Chief Executive Officer at Webster Financial Corporation
Our Take:
The newly announced private credit joint venture between Webster Financial Corporation and Marathon Asset Management signifies a strategic move to enhance service offerings and expand market reach in the middle market sector. By leveraging Webster Bank’s comprehensive banking products and Marathon’s robust asset management capabilities, the partnership is poised to provide robust financial solutions to sponsor-backed middle market companies. This collaboration not only strengthens Webster’s revenue diversification but also positions both firms to effectively address the complex financing needs of their clients. The synergy between Webster’s established banking relationships and Marathon’s extensive credit market expertise creates a formidable presence in the direct lending space, promising significant benefits for their investors and clients alike.
