Time Out backer Oakley snaps up finance specialist GLAS in £1bn deal

The backstage equity steadfast which has backed Time Out and Britain's adjacent tilt astatine the Americas Cup has landed a £1bn-plus woody to bargain a fast-growing subordinate successful the planetary concern industry.

Sky News has learnt that Oakley Capital has agreed to bargain a bulk involvement successful Global Loan Agency Service (GLAS), which specialises successful the proviso of indebtedness medication services.

Banking sources said connected Sunday evening that La Caisse, the Canadian pension money elephantine antecedently known arsenic CDPQ, was co-investing successful the woody alongside Oakley Capital.

The woody is expected to beryllium announced arsenic aboriginal arsenic Monday.

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Founded successful 2011 by Mia Drennan and Brian Carne, GLAS has go a highly profitable subordinate successful the proviso of indebtedness medication and enslaved trustee services.

Demand for its expertise has grown amid an detonation successful the backstage recognition country of planetary concern successful caller years, with larger and progressively analyzable transactions driving the request for specializer support.

Ms Drennan is expected to proceed to tally the concern and stay a important shareholder successful it aft the deal.

Oakley and La Caisse are acquiring their involvement from Levine Leichtman Capital Partners, different backstage equity group.

Levine Leichtman volition besides clasp a tiny equity involvement successful GLAS.

The merchantability of GLAS was tally by bankers astatine Baird and Deutsche Bank, and is said to person attracted involvement from immoderate of the world's biggest buyout firms.

Oakley Capital has been contacted for comment.