State-backed Carlyle completes AA takeover
State-backed Carlyle Cardinal Ireland and Carlyle Global Financial Services have completed the acquisition of AA's Irish business for €156.6m in an all-cash deal.
AA Ireland will continue to use its own brand and intends to use the net cash proceeds for partial repayment of its debt.
The business in Ireland will continue to be run by the current executive team, who have also invested in the company, led by AA ceo Brendan Nevin.
Peter Garvey, managing director, The Carlyle Group; John Dolan, managing director, Cardinal Capital Group; and Michael Savage, Carlyle Global Financial Services Partners, led the investment for the buyers.
AA provides car and home insurance, as well as servicing, motoring advice and breakdown cover.
The deal comes after the firm announced it would be moving into the life insurance market.
Carlyle is an active investor in medium-sized businesses here with stakes in Carrolls Cuisine, Lily O'Brien's, Payzone and cash in transit business GSLS.