Liberty Corporate Finance is pleased to announce the €156.6m management buyout of AA Ireland from the AA plc backed by Carlyle Cardinal Ireland and Carlyle Global Financial Services.
The AA has been operating in Ireland for over 100 years and is a highly respected and trusted brand. The 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 is a highly diversified business with 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 Brendan Nevin, CEO.
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.” Simon Hill, Partner, Liberty Corporate Finance said: “It has been a pleasure to work with Brendan and his team on the buyout of this iconic business. This transaction was another significant step for Liberty as we develop our management advisory services in Ireland, having also recently advised the management teams of both CarTrawler and ATA. We will look to continue building our presence in Ireland, working with top calibre management teams, alongside their local legal, finance and tax advisors, who are increasingly seeing interest in their businesses from local Irish, UK, European and Global private equity investors.”