GLAS Strengthens European Presence with Acquisition of Pristine: A Boost for Global Expansion

Paris-based GLAS SAS, part of the GLAS Group, has made its first acquisition with the agreement to acquire Pristine. The move is aimed at deepening GLAS's footprint in Europe and accelerating its global expansion plans. The acquisition is subject to regulatory approval and customary closing conditions.

Established in 2016 in Paris, Pristine is a leading asset management and trust business regulated by the Autorité des Marchés Financiers. It offers fiducie and fund structuring and management services to both domestic and international institutions, with a focus on facilitating corporate financing in France. Pristine has a strong track record in restructuring, structured finance, and other ad hoc financing projects.

GLAS SAS, which launched its French operations in 2018, has quickly built a substantial team under the leadership of Aymeric Mahe. Regulated by the ACPR, GLAS SAS provides debt administration and loan agency services to both domestic and international debt funds, corporates, and bulge bracket banks across Europe. The firm has established itself as a market leader in direct and syndicated lending, high yield, leveraged finance, and capital market issuance. GLAS SAS has also been involved in high-profile restructuring cases in France, including SMCP, Comexposium, and Pierre & Vacances.

The founders of GLAS, Mia Drennan and Brian Carney, expressed their delight in partnering with Pristine, highlighting the complementary services that both firms offer. They believe that Pristine's capabilities in fiducie and management company services will be highly valued by their expanded client base. They warmly welcome the Pristine team into the GLAS family.

Renaud Baboin, President of Pristine, emphasized the shared values of entrepreneurship and excellence between Pristine and GLAS. He believes that joining forces will allow them to provide the best services to their combined client base. Baboin congratulated Pristine's talented and committed team, led by Benjamin Raillard, for creating a reference actor in fiducie and debt funds. Going forward, Raillard will lead the team and is excited about joining the GLAS family. He highlighted the cultural fit and complementarities between the two firms and the ability to provide unmatched services to clients.

This acquisition strengthens GLAS SAS's position in France. With a combined team of over 40 professionals in Paris, GLAS SAS and Pristine will operate under the regulation of both the ACPR and the AMF. The merger of industry knowledge and complementary services will bring immediate benefits to existing clients of both firms. Furthermore, the larger and more experienced operation, backed by consistency, will position GLAS well to handle larger and more complex transactions in the future.

GLAS, established in 2011, is the premier independent, non-creditor, conflict-free provider of loan administration and indenture trustee services. With offices in the USA, Europe, and APAC, and headquarters in London, GLAS currently services over €320 billion of assets under administration on a daily basis.

In 2022, Levine Leichtman Capital Partners (LLCP), a global private equity firm, invested in GLAS in partnership with its founders and management team. LLCP is a middle-market private equity firm with a track record of investing across various sectors. Their investment strategy combines debt and equity capital investments, offering tailored and flexible growth capital to portfolio companies. With a team of dedicated investment professionals and offices worldwide, LLCP has managed approximately $13.3 billion of institutional capital across 15 investment funds and has invested in over 100 portfolio companies.

GLAS's acquisition of Pristine is a significant step towards strengthening its European presence and expanding globally. With their combined expertise and resources, GLAS is well-positioned to provide exceptional services to their clients and drive future growth.