AA Ireland sold to Carlyle Cardinal Ireland for €156.6m
AA Ireland has been sold to Carlyle Cardinal Ireland in partnership with Carlyle Global Financial Services Partners for €156.6m, which includes consideration for cash left on the balance sheet.
AA employs 430 people in Ireland and has been in operation here for over a century. The deal for the insurer is expected to be completed by the end of July.
AA Ireland will continue to use its brand and intends to use the net cash proceeds for partial repayment of its debt. The business will also continue to be run by the current executive team, who have also invested in the company, led by Brendan Nevin, CEO.
Carlyle Cardinal has been active in the investment market here in the last few years with investments in companies including Lily O’Brien’s, Carroll Cuisine and Payzone.
“We are excited that the AA Ireland will now be an Irish headquartered company run by its local management team,” commented Brendan Nevin, the company’s chief executive
“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.
The deal is still subject to approval from the Competition and Consumer Protection Commission and the Central Bank.
