CVC Credit Partners acquired commercial lender Northport Capital TRS, LLC from Resource Capital Corp. The transaction was supported by a fund advised by Coller Capital, and will increase AUM in CVC Credit Partners’ global direct lending strategy to about $1 billion.
Correction: A previous version of this item misspelled Northport in both the headline and the news brief. Both have been since corrected.
London, New York – CVC Credit Partners, a leading global alternative investment manager focused on sub-investment grade debt markets in the US and Europe, today announced the acquisition of Northport Capital TRS, LLC (“Northport”) from Resource Capital Corp. by a partnership managed by CVC Credit Partners, supported by a fund advised by Coller Capital, Inc. This will increase assets under management in CVC Credit Partners’ global direct lending strategy to approximately $1 billion* and complement its existing European strategy. The transaction will provide significant additional primary capital for the business to maintain its historic investment approach.
Northport is a direct lender that specializes in providing credit facilities to private middle market and lower middle market companies across North America. Northport has a strong investment track record, and will transform CVC Credit Partners’ direct lending strategy into a transatlantic platform. The team, led by David DeSantis, consists of experienced lending and deal making professionals with backgrounds from institutions that include Antares Capital, Ares, GE Capital, Lehman Brothers, Medley Capital and Nomura. Each of the Northport senior employees has over 15 years of experience within direct middle market lending.
Stephen Hickey, Managing Partner and Chief Investment Officer of CVC Credit Partners, said: “This acquisition represents a significant moment as we build and enhance CVC Credit Partners’ growing global platform. We look forward to working with David DeSantis and the experienced team as we continue to deliver consistent value for our investors.”
Tom Newberry, Partner and Head of Private Credit Funds, CVC Credit Partners, commented: “We are very excited to acquire the Northport team and their portfolio. Their invaluable market insight and local US relationships will complement our existing European network, enabling CVC Credit Partners to become a truly transatlantic direct lender.”
About CVC Credit Partners 2
CVC Credit Partners is the credit management business of CVC. Formed through a merger of predecessor firms that date back to 2005 and supported by a team of 45 dedicated investment professionals, CVC Credit Partners is a global credit asset manager with offices in the U.S. and U.K. and $14.4bn* assets under management, as at Q1 2016.
CVC Credit Partners seeks to generate for its investors positive absolute returns and attractive risk-adjusted returns on capital throughout the credit cycle. CVC Credit Partners has built a diverse platform which creates significant synergies across its three investment strategies: Performing Credit, Private Lending and Global Credit Opportunities/Special Situations.
For further information, please visit: www.cvc.com.
Northport Capital, LLC (“NorthPort”) is a subsidiary of Resource America, Inc. Northport is a commercial lender that specializes in providing credit facilities to private U.S. middle market and lower middle market companies. Northport has a direct origination platform, leveraging strong relationships built from management’s 50+ years of combined experience in middle market lending. Northport maintains disciplined underwriting standards while providing creative financing solutions, tailored specifically to meet the individual and varied needs of its clients.