In a major move within the financial services sector, private equity firm Oakley Capital has struck a deal to acquire a majority stake in Global Loan Agency Service (GLAS) for a sum exceeding £1 billion.
A Strategic Acquisition in Financial Services
The agreement, set to be announced as early as Monday 5 January 2026, sees Oakley Capital, known for its investments in Time Out and Britain's America's Cup challenge, taking control of the highly profitable finance specialist. Canadian pension fund giant La Caisse (CDPQ) is co-investing alongside Oakley in the transaction.
GLAS, founded in 2011 by Mia Drennan and Brian Carne, has carved out a significant niche providing loan administration and bond trustee services. Its expertise has been in soaring demand, fuelled by the explosive growth and increasing complexity of the global private credit market.
Leadership and Deal Structure
Following the completion of the deal, Mia Drennan is expected to continue as CEO and will retain a substantial shareholding in the business. The stake is being purchased from another private equity group, Levine Leichtman Capital Partners, which will keep a minor equity interest in GLAS.
The sale process was managed by bankers at Baird and Deutsche Bank and reportedly drew attention from several of the world's largest buyout firms, underscoring the attractiveness of GLAS's market position.
Implications for the Private Credit Landscape
This £1bn+ acquisition highlights the strategic value of specialist administrative support firms in today's financial ecosystem. As private credit transactions grow larger and more intricate, the role of companies like GLAS becomes ever more critical. Oakley Capital's significant investment signals strong confidence in the continued expansion of this sector.
The deal represents a pivotal moment for GLAS, providing it with powerful new backers to accelerate its growth while maintaining the founding leadership that drove its initial success.
