GLAS
Global Loan Agency Services Limited (part of the global GLAS Group) is thrilled to announce the successful completion of its acquisition of Pristine. This marks the first acquisition by the GLAS Group, and also represents a key milestone in the organisation’s ambitious roadmap to deepen its presence in Europe.
This transaction was agreed in August 2023 subject to regulatory approval and customary closing conditions, with completion occurring in March 2024.
Pristine
Pristine is a leading fiducie and asset management business. It was established in Paris in 2016 and is regulated by the Autorité des Marchés Financiers (AMF).
Pristine provides a complementary set of services which include fiducie, fund structuring and administration services to both international and domestic institutions with the primary purpose of facilitating corporate financing activity for non-bank and bank lenders in France.
The firm has a deep and diversified history in restructuring, securitisation, structured finance, and other ad hoc financing projects.
GLAS France
The GLAS Group launched its French operations in Paris in 2018 and has since built out a sizeable team led by Aymeric Mahe, Head of GLAS SAS.
GLAS SAS is the only non-bank, independent company regulated by the Autorité de Contrôle Preduentiel et de Résolution (ACPR) to administer payments in France on loan transactions that forms part of a global group.
In addition to loan agency services, GLAS provides a range of institutional debt administration to domestic and international debt funds, corporates, and bulge bracket banks globally.
The firm is a market-leading provider in direct and syndicated lending, high yield, leveraged finance and capital market debt issuance.
GLAS SAS has also been involved with numerous high-profile restructuring cases in France such as SMCP, Orpea, Technicolor and Pierre & Vacances.
GLAS founders Mia Drennan and Brian Carne said:
“We are excited to finalise the Group’s first ever acquisition and further expand GLAS’s service capabilities. The AMF and ACPR regulatory permissions of Pristine and GLAS, along with our collective expertise and reputations in the debt markets, will allow us to offer an expanded offering of relevant services to our enlarged client base.”
Pristine Président, Renaud Baboin said:
“This acquisition signals the start of a fantastic partnership between GLAS and Pristine. The two companies are well matched across all aspects of the respective businesses and culture, and I am excited to see how the respective businesses flourish as a result."
Pristine Directeur Général, Benjamin Raillard added:
“We are happy to announce the closure of this transaction and begin integrating Pristine with the GLAS Group. It is an exciting time for the group and our customers who will soon be able to benefit from the synergies of the two organisation’s expertise. We are confident that this partnership will be a fruitful one for all involved.”
GLAS and Pristine’s plan for the future
The conclusion of this acquisition signifies GLAS’s commitment to offering an expanded suite of products and services to meet the needs of clients who participate in originating debt or investing in financial transactions in Europe.
The Pristine team will be located at GLAS SAS’s new Paris office on Avenue George V.
The two organisations will be continue to be separately regulated by the AMF and the ACPR. The two licences will allow GLAS and Pristine to offer an enhanced service to more customers on a greater number of transactions.
Since the original announcement of the proposal to acquire Pristine, GLAS have also, subject to regulatory approval, committed to partnering with Singaporean-based Watiga. Watiga will also join the GLAS Group’s global network.
About GLAS
GLAS was established in 2011 by Mia Drennan and Brian Carne. Today, it is the premier independent, non-creditor, conflict-free provider of loan administration and bond trustee services known for its white glove service and expertise on complex deal execution.
GLAS is a global company and is located in the USA, Europe, and APAC, with headquarters in London. GLAS services in excess of €360bn of assets under administration on a daily basis and employs over 300 professionals in the Group.
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