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Marathon Asset Management and Webster Bank Provide Senior Secured Financing for the Acquisition of PK Companies
October 21, 2024
Source: Businesswire
NEW YORK--(BUSINESS WIRE)--Marathon Asset Management (“Marathon”), a leading global credit manager with more than $23 billion of Assets Under Management, and Webster Bank, N.A. (“Webster Bank”), a leading commercial bank in the Northeast with $76 billion in total assets, are pleased to announce the closing of a senior-secured financing to PK Companies Group, LLC (“PK”) to help facilitate the acquisition by DC Capital Partners Management, LP (“DC Capital”). PK’s founders reinvested equity in conjunction with this transaction.
Founded in 2004, PK specializes in non-discretionary, regulatory driven specialty inspections, repair and maintenance, and safety services in support of industrial and heavy commercial facilities across the U.S. In addition to offering coatings, fireproofing, and soft-craft services, PK maintains a growing portfolio of technology-enabled software and hardware solutions that offer real-time transparency and comprehensive data-driven insights for asset integrity, mechanical inspection, and on-site safety compliance. PK’s focus on mission-critical services and regulatory compliance culminates in a highly sustainable revenue model.
“PK’s mission-critical offerings and keen focus on quality, safety, and customer service have resulted in strong organic growth and an industry leading reputation over their 20-year history,” said Curtis Lueker, Marathon’s Head of Direct Lending. “DC Capital, as an exceptional middle market sponsor with specialization in the Government and Engineering markets, will collaborate closely with the PK team to develop a comprehensive strategic plan for future growth.”
The closing of DC Capital’s acquisition financing for PK represents the first completed financing transaction for Marathon and Webster Bank since announcing their Private Credit partnership.
“Marathon's partnership with Webster Bank is powerful offering reliable, tailored, and creative financing solutions to middle market companies and private equity sponsors,” said Bruce Richards, Marathon’s CEO and Chairman. “Marathon’s leadership and expertise across our Private Credit programs: Direct Lending, Capital Solutions, and Asset-Based Lending, coupled with Webster Bank’s exceptional middle market sponsor lending program and broader commercial banking services, offers a highly differentiated suite of capabilities.”
Marathon’s Private Credit platform is designed as a one-stop shop, offering corporate, asset-based, and capital solutions, including senior and junior financings ranging from $50 million to $250 million.
About Marathon Asset Management:
Marathon Asset Management, L.P. is a leading global asset manager specializing in the Public and Private Credit markets with over $23 billion of assets under management. Marathon has dedicated investment programs spanning the spectrum of Private Credit: Direct Lending, Asset-Based Lending and Opportunistic as well as the spectrum of Public Credit. Marathon was founded in 1998 and is managed by Bruce Richards (Co-Founder & CEO) and Louis Hanover (Co-Founder & CIO) and employs more than 180 professionals, with 8 Partners. Its corporate headquarters are located in New York City, and it has offices in London, Miami, Los Angeles and Luxembourg. Marathon is a Registered Investment Adviser with the Securities Exchange Commission. For more information, please visit the company's website at www.marathonfund.com.
About Webster Financial Corporation
Webster Financial Corporation (NYSE:WBS) 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. Headquartered in Stamford, CT, Webster Bank is a values-driven organization with $76 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information, including past press releases and the latest annual report, please visit the company’s website at www.websterbank.com.
Contacts
Marathon Asset Management Media Inquiries
Prosek Partners
pro-marathon@prosek.com
646-818-9283
Webster Financial Corporation Media Inquiries
Alice Ferreira
acferreira@websterbank.com
203-578-2610
Webster Financial Corporation Investor Inquiries
Emlen Harmon
eharmon@websterbank.com
212-309-7646
