The private equity firm which has backed Time Out and Britain’s next tilt at the Americas Cup has landed a £1bn-plus deal to buy a fast-growing player in the global finance industry.
Sky News has learnt that Oakley Capital has agreed to buy a majority stake in Global Loan Agency Service (GLAS), which specialises in the provision of debt administration services.
Banking sources said on Sunday evening that La Caisse, the Canadian pension fund giant previously known as CDPQ, was co-investing in the deal alongside Oakley Capital.
The deal is expected to be announced as early as Monday.
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Founded in 2011 by Mia Drennan and Brian Carne, GLAS has become a highly profitable player in the provision of loan administration and bond trustee services.
Demand for its expertise has grown amid an explosion in the private credit area of global finance in recent years, with larger and increasingly complex transactions driving the need for specialist support.
Ms Drennan is expected to continue to run the business and remain a significant shareholder in it after the deal.
Oakley and La Caisse are acquiring their interest from Levine Leichtman Capital Partners, another private equity group.
Levine Leichtman will also retain a small equity stake in GLAS.
The sale of GLAS was run by bankers at Baird and Deutsche Bank, and is said to have attracted interest from some of the world’s biggest buyout firms.
Oakley Capital has been contacted for comment.