US-based automotive finance provider Global Lending Services (GLS) has announced an agreement to be acquired by investment firm Sixth Street.
The terms of the transaction were not disclosed.
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GLS Chief Executive Officer Steve Thibodeau and the company’s existing management team will continue to lead the business following completion of the deal.
Founded in 2012, GLS provides automotive financing through franchise and independent dealerships across the United States. The company reports partnerships with more than 19,000 dealers and over one million lifetime customers, with loan originations exceeding $22 billion.
Thibodeau said the transaction represented “a significant step” for GLS, adding that the partnership with Sixth Street would provide the scale and resources to “advance [the company’s] long-term growth plans”. He said the company would remain focused on improving access to affordable vehicle finance.
Michael Dryden, Partner and Head of Asset Based Finance at Sixth Street, said GLS was recognised for its “operational capabilities, disciplined risk management, and established customer base”. He added that the firm was “looking forward to working with the GLS management team to build on the company’s existing market position”.
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By GlobalDataGoldman Sachs and Wells Fargo are acting as financial advisers to GLS, with K&L Gates providing legal counsel. Sixth Street is advised by JPMorgan Securities, Simpson Thacher & Bartlett, and Mayer Brown.
Sixth Street, founded in 2009, manages over $115 billion in assets and has a global team of more than 700 employees, including 290 investment professionals.
