Business Wire

GLAS to Acquire French Fiducie and Asset Management Firm, Pristine


GLAS SAS, (part of the GLAS Group) is excited to announce it has signed an agreement to acquire Pristine. This is GLAS’s first acquisition as it looks to deepen its European footprint and fast-track global expansion. The transaction is subject to regulatory approval and customary closing conditions.


Pristine is a leading asset management and trust business established in 2016 in Paris and regulated by the Autorité des Marchés Financiers. Pristine provides fiducie and fund structuring and management services to both international and domestic institutions with the primary purpose of facilitating corporate financing in France. The firm has a deep and diversified track record in restructuring, structured finance and other ad hoc financing projects.


GLAS SAS launched its French operations in 2018 and has since built out a sizeable team, headed by Aymeric Mahe. GLAS SAS is regulated by the ACPR and provides a range of debt administration and loan agency services to domestic and international debt funds, corporates and bulge bracket banks across Europe. The firm is a market-leading provider in direct and syndicated lending, high yield, leveraged finance and capital market issuance. GLAS SAS has also been involved with numerous high-profile restructuring cases in France such as SMCP, Comexposium and Pierre & Vacances.

GLAS Founders, Mia Drennan and Brian Carne said:

“We are delighted to partner with Pristine as both firms offer complementary services that will be highly valued by our enlarged client base. Pristine’s capabilities in fiducie and management company services will be very relevant for our clients. We are excited to welcome the Pristine team into the GLAS family.”

Pristine Président, Renaud Baboin said:

“Pristine and GLAS share common values of entrepreneurship and excellence. Joining forces will allow us to best serve our combined client base. I congratulate Pristine’s talented and committed team led by Benjamin Raillard, who have created from zero a reference actor in fiducie and debt funds. The team will now be led by Benjamin Raillard with whom it has been a pleasure to partner.”

Benjamin Raillard added:

“We are thrilled to join the GLAS family. The cultural fit and the complementarities between the two firms are compelling. The GLAS global reach and scale with over €320 billion of assets under administration, along with Pristine’s structuring capabilities mean that we will be able to provide our clients, lenders, borrowers and any institutions faced with risk exposure, a second-to-none service.”

Looking forward

With this acquisition GLAS SAS strengthens its position in France. GLAS SAS and Pristine will constitute a team of over 40 people in Paris, with the differentiated proposition of operating, in their respective activities, under the regulation of both the ACPR and the AMF. Bringing together industry knowledge and complementary services will immediately benefit both firms’ existing clients. Looking forward, a larger, more experienced operation integrated with the highest level of consistency will mean that GLAS is well-positioned to manage larger and more complex transactions in the future.

About GLAS

GLAS was established in 2011 and is the premier independent, non-creditor, conflict-free provider of loan administration and indenture trustee services.

GLAS is a global company and is located in the USA, Europe and APAC, with headquarters in London. GLAS services in excess of €320bn of assets under administration on a daily basis. For more information, please contact

About Levine Leichtman Capital Partners

In 2022, Levine Leichtman Capital Partners (“LLCP”), a global private equity firm, invested in GLAS in partnership with its founders and management team.

Levine Leichtman Capital Partners, LLC is a middle-market private equity firm with a 39-year track record of investing across various targeted sectors, including Franchising & Multi-unit, Business Services, Education & Training and Engineered Products & Manufacturing. LLCP utilizes a differentiated Structured Private Equity investment strategy, combining debt and equity capital investments in portfolio companies. LLCP believes that by investing in a combination of debt and equity securities, it offers management teams growth capital in a highly tailored, flexible investment structure that can be a more attractive alternative than traditional private equity.

LLCP’s global team of dedicated investment professionals is led by nine partners who have worked at LLCP for an average of 19 years. Since inception, LLCP has managed approximately $13.3 billion of institutional capital across 15 investment funds and has invested in over 100 portfolio companies. LLCP currently manages $8.7 billion of assets and has offices in Los Angeles, New York, Chicago, Charlotte, Miami, London, Stockholm, The Hague and Frankfurt.

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