Marathon Asset Management and Webster Bank closed a senior-secured financing agreement for Sunbelt Modular, Inc. to support its acquisition by funds advised by Littlejohn & Co., LLC. Sunbelt is a leading designer and manufacturer of modular building solutions.

Founded over 45 years ago, Sunbelt provides a robust suite of highly engineered structures for custom and fleet applications that serve a diverse set of commercial end markets. The Company will continue to be led by CEO Ron Procunier, an executive with more than 35 years of experience in the modular industry, supported by a team of 1,300-plus 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.”

The closing of Sunbelt’s financing represents the second financing transaction completed by Marathon and Webster Bank’s Private Credit joint venture, which 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, 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 that range from $50 million to $250 million.