Resource America's subsidiary Resource Europe Management sold the management contract of Resource Europe CLO I B.V., a €300 million ($392.74 million) CLO. The sale was made to an affiliate of Intermediate Capital Group (ICG).

Along with the sale of the management contract, Resource America also transferred its equity and other interests in that CLO to ICG.

"Selling the management contract for our European CLO will allow Apidos to focus on expanding our US leveraged loan business," said Christopher Allen, senior managing director and co-founder of the firm's leveraged loan manager Apidos Capital Management. "The interest in this management contract was great and this reflects on the outstanding performance of our CLO management team and our joint credit approach." He added that ICG is an experienced asset manager with a very good track record of managing European corporate credit.

Global financial services company StormHarbour Securities  advised on the deal.

Resource's European CLO priced back in April 2007, according to data presented by Bloomberg.

Resource America is a specialized asset management firm that uses industry-specific expertise to generate and implement investment opportunities for its own account and for outside investors in the real estate, commercial finance and financial fund management sectors.

Meanwhile, ICG is a specialist asset manager with €12 billion of assets under management. It deploys capital on behalf of over 250 institutional investors via credit, mezzanine and minority equity funds.

 

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