Marathon Asset Management (“Marathon”), a global credit manager with over $23 billion in assets under management, and Webster Bank, N.A. (“Webster Bank”), a leading commercial bank in the Northeast with $79 billion in total assets, have successfully closed a senior-secured financing agreement for Sunbelt Modular, Inc. (“Sunbelt” or the “Company”). This financing supports the acquisition of Sunbelt by funds advised by Littlejohn & Co., LLC (“Littlejohn”). Sunbelt is a prominent designer and manufacturer of modular building solutions.
Industry Expertise and Leadership
Founded more than 45 years ago, Sunbelt provides a wide range of highly engineered modular structures for custom and fleet applications, serving diverse commercial markets. The company will continue to operate under the leadership of CEO Ron Procunier, who brings over 35 years of modular industry experience, supported by a team of more than 1,300 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.”
Strategic Financing Partnership
The financing for Sunbelt represents the second transaction completed through the joint venture between Marathon and Webster Bank’s Private Credit division, 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, CEO and Chairman of Marathon. “Marathon’s leadership and expertise across our Private Credit programs – Direct Lending, Capital Solutions, and Asset-Based Lending – combined with Webster Bank’s exceptional middle-market sponsor lending program and broader commercial banking services, provide a highly differentiated suite of capabilities.”
Comprehensive Financing Solutions
Marathon’s Private Credit platform is designed to serve as a one-stop solution, offering corporate, asset-based, and capital solutions, with senior and junior financing options ranging from $50 million to $250 million.
With this strategic collaboration, Marathon and Webster Bank aim to deliver innovative and reliable financing solutions to help Sunbelt Modular and other middle-market businesses achieve their growth objectives.
