Firms create CVC Credit Partners

Resource America Inc., of Philadelphia, has agreed to combine one of its asset management units, Apidos Capital Management L.L.C., with CVC Cordatus Group to form CVC Credit Partners, which will have $7.5 billion in loans and other credit-related assets under management, the two companies said Wednesday.

For its contribution of Apidos, which had $5.5 billion in assets under management on Sept. 30, Resource America will receive $25 million in cash and a 33 percent ownership interested in CVC Credit partners. Jonathan Cohen, president and chief executive of Resource America, will be chairman of the new entity.

Marc Boughton, a CVC executive, will be its CEO. The deal is expected to close by March 31. CVC, which will own 67 percent of CVC Credit Partners, is a London private equity firm.    - Harold Brubaker