GLAS supports CD&R’s acquisition of Opella in landmark transaction

GLAS is pleased to have supported the successful acquisition of a majority stake in Opella by Clayton, Dubilier & Rice (CD&R), which closed in April 2025. 

The GLAS deal team played a central role on this landmark transaction.  

GLAS acted as Facility Agent and Security Agent on the loan component, while also serving as Trustee, Security Agent, Paying Agent, Registrar, and Transfer Agent on both note issuances. 

The deal attracted national attention in France, where Antoine Armand, Minister of the Economy, Finance and Industry, and Marc Ferracci, Deputy Minister for Industry, underscored its significance. Both ministers described CD&R as “a serious investment fund with positive prospects for Opella’s development and its sites in France.” 

A more detailed case study for this transaction can be found here.

About Opella

Opella is a global consumer healthcare business offering a broad portfolio of over-the-counter medicines, vitamins, minerals, and supplements.  

Formerly operating as the Consumer Health Unit of Sanofi, Opella was strategically separated from Sanofi’s pharmaceutical and vaccine divisions to sharpen business focus and maximise shareholder value.  

About GLAS

GLAS was established in 2011 as an independent provider of institutional debt administration services. The company was originally created to provide the market a willing participant in complex loan restructuring transactions where many large institutions are reluctant to take swift and cooperative action. It offers a wide range of administration services developed specifically for the debt market. 

GLAS is recognised as the premier independent, non-creditor, conflict-free provider of loan agency and bond trustee services, with excess of $500bn of assets under administration on a daily basis. For more information, contact media@glas.agency.