Carlyle Cardinal will take control of the motor service and insurance provider
The sale of AA Ireland by its publicly-quoted UK parent was completed last night.
The high profile insurance and transport services company has been sold for €156.6m to a partnership of Carlyle Cardinal Ireland, a venture capital firm, and Carlyle Global Financial, a division of the global Carlyle Group which is also a participant in the joint venture fund.
The AA has been operating in Ireland for over 100 years and currently has 350,000 customers across its motor, home, travel and most recently, its life insurance activities.
It generated operating profits of nearly €17m last year on turnover of just under €40m.
The purchase price includes the value of cash held by AA Ireland.
It has 430 employees and its current management team will continue to run the business.
Chief Executive, Brendan Nevin and other executives will take shareholdings in the new venture.
Carlyle Cardinal Ireland is a joint venture involving the Carlyle Group and the Irish financial company, Cardinal Capital.
Enterprise Ireland also has a shareholding in the €300m fund, which has now completed seven deals in Ireland.