The Bank Slate


Webster Financial, Marathon form private credit joint venture

Webster Financial in Stamford, Conn., and Marathon Asset Management in New York have formed a private credit joint venture.

The $76 billion-asset Webster and Marathon will provide direct lending solutions to sponsor-backed middle-market companies, pairing Marathon’s asset management experience with the bank’s products and services.

Financial terms were not disclosed.

“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,” Bruce Richards, Marathon’s chairman and CEO, said in a press release. “By combining our strengths, together we have created a powerful partnership in direct lending that will benefit our investors for years to come.”

“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, the bank’s chairman and CEO, said in the release.

“We will be able to offer our clients larger facilities and additional financing solutions alongside the outstanding client experience Webster has always provided,” Ciulla added. “Expanding our capabilities with this venture will have the added benefit of generating asset management income.”

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