Newstalk
Newstalk

08.30 30 Jun 2016


Share this article


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.


Share this article


Read more about

News

Most Popular

Live: Title

Now playing

00:00:00 / 00:00:00
Added to queue
Removed from queue

On Air

Share

Share


Up next

Episode title
Show
Duration

You currently have no podcasts in your queue.

Go to podcasts

On Air

Lunchtime Live

Lunchtime Live

12:00-14:00

Share

Up next

MONCRIEFF

MONCRIEFF

14:00-16:00

Share

THE HARD SHOULDER

THE HARD SHOULDER

16:00-19:00

Share

OFF THE BALL

OFF THE BALL

19:00-22:00

Share

THE TOM DUNNE SHOW

THE TOM DUNNE SHOW

22:00-00:00

Share

BEST OF NEWSTALK

BEST OF NEWSTALK

00:00-06:00

Share

BREAKFAST BRIEFING

BREAKFAST BRIEFING

06:00-06:30

Share

BREAKFAST BUSINESS

BREAKFAST BUSINESS

06:30-07:00

Share

NEWSTALK BREAKFAST

NEWSTALK BREAKFAST

07:00-09:00

Share

THE PAT KENNY SHOW

THE PAT KENNY SHOW

09:00-12:00

Share

LUNCHTIME LIVE

LUNCHTIME LIVE

12:00-14:00

Share

00:00:00 / 00:00:00

Share on