CVC Credit Partners, an alternative investment manager focused on sub-investment grade debt markets in the U.S. and Europe, acquired Northport Capital TRS from Resource Capital through a partnership managed by CVC Credit Partners, supported by a fund advised by Coller Capital.

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. 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 Northport’s senior employees has more than 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, said, “We are very excited to acquire the Northport team and their portfolio. Their invaluable market insight and local U.S. relationships will complement our existing European network, enabling CVC Credit Partners to become a truly transatlantic direct lender.”

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 $14.4 billion assets under management, as at Q1 2016.

Northport Capital, a subsidiary of Resource America, is a commercial lender that specializes in providing credit facilities to private U.S. middle market and lower middle market companies.