Key Points
- Oakley Capital has agreed to buy a majority stake in GLAS. The deal is valued at approximately $1.35 billion.
- Canadian pension fund La Caisse is a co-investor in the deal.
- U.S. buyout firm Levine Leichtman Capital Partners is selling the stake.
- GLAS administers over $700 billion in assets for the global debt market.
British private equity firm Oakley Capital has reportedly agreed to acquire a majority stake in Global Loan Agency Service (GLAS), a provider of debt market administration services. The deal, valued at 1 billion pounds (about $1.35 billion), is expected to be announced as early as Monday.
Oakley isn’t going it alone. The Canadian pension fund La Caisse is also investing in the deal. The two firms are buying the stake from Levine Leichtman Capital Partners, a U.S. buyout firm that has been the majority owner of GLAS since 2022. Levine Leichtman will reportedly keep a small equity stake in the company.
GLAS, which was founded in 2011, is a major player in the behind-the-scenes world of finance. It manages over $700 billion of assets under administration, handling the complex paperwork and administration for everything from private credit deals to bankruptcies.
The sale has been in the works for a few months. Last September, reports emerged that Levine Leichtman was exploring a sale of its stake and had hired advisors to gauge interest in the London-based business. The $1.35 billion price tag is in line with analysts’ expectations.
For Oakley and La Caisse, this is a major investment in the growing market for specialized financial services. As the debt landscape grows more complex, companies like GLAS are becoming increasingly important. This deal gives them a controlling interest in a company that is at the heart of the global credit market.
