CVC Capital Partners and Resource America Inc have signed an agreement to combine CVC Cordatus Group and Apidos Capital Management to form CVC Credit Partners.
Led by Marc Boughton, Managing Partner, CVC Credit Partners will comprise USD7.5bn of credit assets across 21 vehicles in the US and Europe. Gretchen Bergstresser and Jonathan Bowers will be Senior Portfolio Managers alongside Group COO, Chris Allen. Jonathan Cohen, CEO of Resource America, will be Chairman. Resource America will retain a 33% interest. The transaction is subject to regulatory and other market consents. CVC Capital Partners was advised by Clifford Chance LLP in London and New York.
Boughton says: “Both teams appreciate the significant benefits of being able to offer sponsors and companies access to a broader range of debt capital to support their businesses and initiatives.”
Cohen says: "we are delighted to be partnering with CVC Capital Partners whose local knowledge and extensive contacts underpin a 30-year proven track record of investment success. The group will offer Investors access to a broader range of investment opportunities within the US and European credit markets using our combined investment expertise, strong origination capabilities and robust credit processes."