It was announced today that Carlyle Cardinal Ireland (CCI) has partnered with Carlyle Global Financial Services Partners (CGFSP) to acquire the AA Ireland from the AA plc for €156.6 million including consideration for cash left on balance sheet.
The business in Ireland will continue to be run by the current executive team who have also invested in the company led by Brendan Nevin, CEO.
The AA has been operating in Ireland for over 100 years and is one of the largest insurance intermediaries in Ireland. They employmore than 430 people.
The company is a highly diversified business with more than 350,000 customers across its motor, home, travel and life businesses.
Carlyle Cardinal Ireland (CCI) have been active growth investors in the Irish market over the last two years and are current investors in a range of well-known Irish branded companies including Lily O’Brien’s, Carroll Cuisine and Payzone.
The Carlyle Group previously made a highly successful investment in the RAC in the UK and also has a deep understanding of the insurance sector through its investments notably including PIB Insurance Brokers, Barbon, JenCap and Epic.
CEO at AA Ireland, Brendan Nevin said, "We are excited that the AA Ireland will now be an Irish headquartered company run by its local management team. Our new owners have a proven track record of success across the sectors we operate in, which will benefit the AA Ireland as we look to continue growing the company."
He added, "Our focus is on delivering great products and services and our recent entry into the life assurance market is a signal of bigger and better things to come for our members and customers in Ireland."
Source: www.businessworld.ie