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.
