CVC Capital Partners and Resource America Form Global Credit Manager - CVC Credit Partners

PHILADELPHIA, PA, Jan 04, 2012 (MARKETWIRE via COMTEX) --Resource America, Inc. (NASDAQ: REXI) (the "Company") announced today that it has entered into a definitive agreement with CVC Capital Partners SICAV-FIS, S.A., that will create CVC Credit Partners ("CCP"). CCP will be a global credit management business with over $7.5 billion in assets under management. As part of the transaction, the Company will sell its CLO manager, Apidos Capital Management, LLC ("Apidos"), to CVC for (i) $25 million in cash, and (ii) a 33% ownership interest in CCP. CVC will own the remaining 67%. The Company is retaining certain incentive management fees that may be collected in the future relating to previously managed portfolios. The Company anticipates that these fees will begin to be collected in 2013. CVC is also contributing its existing credit manager, CVC Cordatus, to CCP.

CCP will be a global company with leading teams in both the United States and Europe. It will seek to raise additional capital to grow and expand the business.

The Company and CVC will manage the strategy and operations of CCP. The current employees of Apidos and CVC Cordatus will join CCP thereby combining the existing US and European platforms. Jonathan Cohen, President and CEO of the Company, will be Chairman of CCP and Marc Boughton, Managing Partner, CVC Cordatus Group will be its CEO. Gretchen Bergstresser (currently Apidos's Senior Portfolio Manager) and Jonathan Bowers (currently CVC Cordatus' Senior Portfolio Manager) will be Senior Portfolio Managers, and Christopher Allen, currently Senior Managing Director of Apidos, will be CCP's Chief Operating Officer.

The transaction is subject to typical closing conditions, including regulatory approvals and certain third party consents. It is estimated that closing will occur during the Company's second fiscal quarter ending March 31, 2012. The Company anticipates recording a GAAP gain equal to the consideration it receives, less transaction costs. The Company expects to utilize previously recognized losses to minimize or eliminate the payment of any taxes in connection with the transaction.

Jonathan Cohen said, "We are absolutely delighted to enter into this partnership with CVC to form CVC Credit Partners. Apidos and CVC Cordatus are each industry recognized loan managers with outstanding people and processes. We truly think that these are among the very best teams in both the United States and in Europe. The combination will enable us to prosper and we are excited about CCP's prospects. I have often mentioned that we have very valuable business platforms that are not reflected on our balance sheet because they have been organically grown, and today we have demonstrated that. Our ability to generate a very meaningful after tax cash amount from Apidos while still holding a substantial stake in the CCP and retaining the incentive fees is very positive for Resource America and its shareholders."

Resource America, Inc. is a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the real estate, commercial finance and financial fund management sectors. For more information please visit our website at www.resourceamerica.com or contact [e-mail].

Certain matters discussed within this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Resource America, Inc. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include failure to obtain regulatory and other approvals required to consummate the formation of CCP, financial performance, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in the Company's reports filed with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. Resource America, Inc. undertakes no obligation to update or revise any forward looking statement to reflect new or changing information or events.

SOURCE: Resource America, Inc.

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