Resource America, CVC Capital launch joint credit management business

By Ashley Montgomery

Kansas City, Kan., Jan. 4 - Resource America, Inc. and CVC Capital Partners announced an agreement to jointly create a credit management business named CVC Credit Partners.

CVC Credit Partners will have teams working in the United States and Europe to raise capital and expand its business. The company will hold more than $7.5 billion in assets under management.

As part of the deal, Resource America plans to sell Apidos Capital Management, LLC to CVC Capital for $25 million in cash and a 33% interest in CVC Credit Partners. CVC Capital will own the remaining 67% of CVC Credit Partners.

Closing is expected in the early part of this year, subject to regulatory approvals and third party consents.

"We are absolutely delighted to enter into this partnership with CVC to form CVC Credit Partners," said Resource America president and chief executive officer Jonathan Cohen in a news release. "Apidos and CVC Cordatus are each industry recognized loan managers with outstanding people and processes.

"We truly think that these are among the very best teams in both the United States and in Europe. The combination will enable us to prosper and we are excited about CVC Credit Partner's prospects," Cohen said.

Resource America and CVC Capital will manage CVC Credit Partners, with current employees of Apidos and CVC Cordatus joining CVC Credit Partners.

Management positions are as follows:

• Cohen will serve as chairman;

• Marc Boughton, CVC Cordatus Group managing partner, will be chief executive officer;

• Gretchen Bergstresser, Apidos senior portfolio manager, and Jonathan Bowers, CVC Cordatus senior portfolio manager, will both serve as senior portfolio managers;

• Christopher Allen, Apidos senior managing director, will be the chief operation officer.

Resource America is a Philadelphia-based asset management company. CVC Capital Partners is a private equity and investment advisory firm based in Luxembourg.

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