Webster Bank Forms Private Credit Joint Venture With Marathon Asset Management
07.08.24
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Simpson Thacher is advising Webster Financial Corporation, the holding company for Webster Bank, N.A. (“Webster Bank”), on a strategic transaction that involves the formation of a private credit joint venture with Marathon Asset Management (“Marathon”). The joint venture will deliver direct lending solutions to sponsor-backed middle market companies. The partnership combines each firm’s credit expertise, private equity sponsor relationships and standing in the middle market with Marathon’s 26-plus years of experience in asset management and Webster Bank’s full banking product suite that serves companies primarily in the middle market.
Webster Financial Corporation is the holding company for Webster Bank, a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and Healthcare Financial Services, one of the country's largest providers of employee benefits and administration of medical insurance claim settlements solutions.
Marathon is a leading global credit manager with $23 billion of capital under management.
The Simpson Thacher team includes Jaclyn Starr, Tom Bell and Benjamin Cermak (Funds); Amanda Allexon and Spencer Sloan (Financial Institutions); and Andrew Purcell (Tax).