Published by Global Banking & Finance Review®
Posted on September 4, 2025
2 min readLast updated: January 22, 2026
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Levine Leichtman is exploring the sale of its stake in GLAS, potentially valuing the debt fund administrator at 1 billion pounds.
By Amy-Jo Crowley
LONDON (Reuters) -The owner of Global Loan Agency Services (GLAS) is exploring selling its stake in the debt administration services firm, three people familiar with the matter told Reuters, which would be the latest deal in a sector that is attracting billions of pounds from investors.
U.S. buyout firm Levine Leichtman Capital Partners is working with advisers at Baird and Deutsche Bank to gauge interest in the London-headquartered business, said the people, who spoke on condition of anonymity.
GLAS is expected to generate north of 50 million pounds ($67.55 million) in earnings before interest, taxes, depreciation, and amortization (EBITDA) this year, the people said. A sale of Levine's stake could value GLAS at 1 billion pounds based on valuation multiples in the sector and its growth rate, two of the people added.
The sources, who requested anonymity because the matter is confidential, cautioned that the discussions are at an early stage and that no deal is guaranteed.
Spokespeople for GLAS, Deutsche Bank and Baird declined to comment. Levine Leichtman did not respond to requests for comment.
GLAS would mark the latest in a series of deal activity in the fund administration space following companies such as the potential sale of Astorg’s fund services business IQEQ and London-listed JTC, which last week rejected two takeover proposals from British private equity firm Permira.
Cinven last year also acquired a majority stake in the fund administrator Alter Domus from Permira, in a 4.9 billion euro ($5.74 billion) deal.
Potential buyers for GLAS include private equity firms attracted by the sector's predictable revenue and income streams, one of the people said.
Founded in 2011, GLAS provides administration services specifically for the debt market, covering private credit, leveraged finance, capital markets and bankruptcy. It has more than $600 billion of assets under administration daily, according to its website.
Levine Leichtman acquired a strategic stake in GLAS in 2022 for an undisclosed sum, it said, without disclosing the size of its stake. GLAS has since expanded in Asia by acquiring Singaporean fund services firms Watiga in 2024 and Serica Trust & Agency in January both for undisclosed sums.
($1 = 0.7402 pounds)
($1 = 0.8542 euros)
(Reporting by Amy-Jo Crowley. Editing Anousha Sakoui and Susan Fenton)
GLAS, founded in 2011, provides administration services specifically for the debt market, covering private credit, leveraged finance, capital markets, and bankruptcy.
Levine Leichtman Capital Partners is exploring the sale of its stake in GLAS, a debt administration services firm.
GLAS is expected to generate over 50 million pounds ($67.55 million) in earnings before interest, taxes, depreciation, and amortization (EBITDA) this year.
The potential sale of GLAS follows other recent deal activities in the fund administration sector, including the sale of Astorg’s fund services business IQEQ and the acquisition of Alter Domus by Cinven.
Levine Leichtman is working with advisers at Baird and Deutsche Bank to gauge interest in the sale of its stake in GLAS.
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