Key Takeaways
- • LLCP has completed the sale of its portfolio company Global Loan Agency Services (GLAS) to Oakley Capital, a European private investment firm, with all regulatory approvals cleared.
- • Financial terms of the transaction were not disclosed.
- • GLAS's Assets under Administration grew from roughly $120 billion in 2021 to over $920 billion during LLCP's ownership, according to the announcement.
- • The sale is the second exit for LLCP Europe II SCSp.
- • Deutsche Bank AG and Robert W. Baird Limited acted as joint financial advisors, and Willkie Farr & Gallagher (UK) LLP served as legal counsel to LLCP and GLAS.
Summary
LLCP announced that it has completed the sale of Global Loan Agency Services (GLAS), a London-headquartered independent provider of loan agency and trustee services to the global debt markets, to Oakley Capital, a European private investment firm. The company said the transaction has cleared all regulatory approvals. Financial terms were not disclosed.
GLAS serves lenders and borrowers across syndicated loans, direct lending, and capital markets transactions. According to LLCP, the company's Assets under Administration increased from approximately $120 billion in 2021 to more than $920 billion at the time of the announcement. LLCP attributed this growth to geographic expansion, new service offerings, technology investment aimed at efficiency and client experience, and strategic acquisitions.
Josh Kaufman, Partner and Head of LLCP Europe, described GLAS as a flagship outcome for the firm's European franchise and said LLCP had supported founder and CEO Mia Drennan and her management team in building a global, market-leading independent loan agency provider. Drennan said LLCP's support had been pivotal through a phase of unprecedented growth and that the company intends to accelerate its global market leadership under Oakley Capital.
The transaction marks the second exit for LLCP Europe II SCSp. Deutsche Bank AG and Robert W. Baird Limited served as joint financial advisors, and Willkie Farr & Gallagher (UK) LLP acted as legal counsel to LLCP and GLAS. LLCP, a global middle-market private equity firm, currently manages $15.0 billion in assets and uses a Structured Private Equity strategy that combines debt and equity investments.
GLAS serves lenders and borrowers across syndicated loans, direct lending, and capital markets transactions. According to LLCP, the company's Assets under Administration increased from approximately $120 billion in 2021 to more than $920 billion at the time of the announcement. LLCP attributed this growth to geographic expansion, new service offerings, technology investment aimed at efficiency and client experience, and strategic acquisitions.
Josh Kaufman, Partner and Head of LLCP Europe, described GLAS as a flagship outcome for the firm's European franchise and said LLCP had supported founder and CEO Mia Drennan and her management team in building a global, market-leading independent loan agency provider. Drennan said LLCP's support had been pivotal through a phase of unprecedented growth and that the company intends to accelerate its global market leadership under Oakley Capital.
The transaction marks the second exit for LLCP Europe II SCSp. Deutsche Bank AG and Robert W. Baird Limited served as joint financial advisors, and Willkie Farr & Gallagher (UK) LLP acted as legal counsel to LLCP and GLAS. LLCP, a global middle-market private equity firm, currently manages $15.0 billion in assets and uses a Structured Private Equity strategy that combines debt and equity investments.
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