RSM, the world 6th largest consulting and auditing network, carried out the buy-side financial and tax due diligence for GLAS SAS, part of the GLAS group, independant provider of loan administration and indenture trustee services, on the acquisition of Pristine, French asset management and trust company.

To support GLAS SAS, the RSM team was supervised by Eric Fougedoire and Cécile Guyot, RSM partners.

Thanks to this transaction, RSM’s Transaction Advisory Services is demonstrating its ability to support the development of international financial services players during their strategic acquisitions in France.

GLAS SAS, (part of the GLAS Group) has announced 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.

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.


The RSM team involved was made up of:

Financial due diligence: Eric Fougedoire, Charles Tiran, Hugo Menkhoff, Antoine de Bourayne

Tax due diligence: Cécile Guyot, Deborah Kocher, Aichata Diakite