Group set to acquire AA Ireland in €156.6m deal
Carlyle Cardinal Ireland (CCI) has partnered with Carlyle Global Financial Services Partners (CGFSP) to acquire the AA Ireland from the AA plc.
The acquisition will be worth €156.6m, including consideration for cash left on balance sheet.
AA Ireland is one of the largest insurance intermediaries in Ireland and one of the best known motoring services provider, employing more than 430 people.
The company has more than 350,000 customers across its motor, home, travel and life businesses.
The business in Ireland will continue to be run by the current executive team, who have also invested in the company, led by CEO Brendan Nevin.
Peter Garvey, managing director, The Carlyle Group, John Dolan, managing director, Cardinal Capital Group and Michael Savage of Carlyle Global Financial Services Partners, led the investment for the buyers.
Carlyle Cardinal Ireland (CCI) have been investing in the Irish market over the last two years and are current investors in a range of 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.
Brendan Nevin, CEO, The AA Ireland, 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."
"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."
The acquisition of The AA Ireland is subject to approval from the Competition and Consumer Protection Commission and the Central Bank of Ireland.
