Following a successful carve out from AA plc and a significant investment in business transformation, AA Ireland, the leading roadside assistance provider and insurance intermediary, has secured new financial backers, Further Global Capital Management (Further Global). The transaction, the terms of which are not being disclosed, will see the exit of Carlyle Cardinal Ireland (CCI) and Carlyle Global Financial Services Partners (CGFSP). New owners, Further Global, will work with AA Ireland management as the business embarks on its next phase of development.
AA Ireland is Ireland’s largest roadside assistance provider and insurance intermediary. It provides roadside repair and Rescue, and Motor, Home, Travel & Life insurance. It also provides technical and audit services notably for the Road Safety Authority. It is headquartered in Dublin and employs almost 500 people nationwide. It was formerly part of the UK-based AA plc but separated in 2016.
Brendan Nevin, CEO of AA Ireland said: “The team at CCI and CGFSP has worked very successfully with us to carve out AA Ireland from AA plc and then help develop the business and to support our transformation. We thank them for their support and collaboration. Having completed the transformation of the business and invested in our Roadside Rescue fleet and technical resources, we look forward now to building on those solid foundations with our new financial backers, Further Global.”