AA Ireland embarks on next phase of development with new financial backers
Further Global Capital Management investing in next phase of development
Dublin, Ireland, 1 October 2020: 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.
Speaking today, 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.”
Mr. Nevin added, “With the experience, expertise and backing of Further Global, AA Ireland will continue to operate as an Irish-based company headquartered in Dublin. The company will continue to serve our customers with a team of almost 500 people committed to being the leading roadside assistance provider and insurance intermediary in Ireland.”
Conor Faughnan +353 87 253 0495
Further Global Capital Management
Luke Hogg + 353 87 254 3187
The Carlyle Group
Andrew Kenny, +44 7816 176120
Laurie Mannix, MKC, + 353 86 8143710
Tom McEnaney, 087 22 226 66
Notes to editors:
About AA Ireland
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.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $221 billion of assets under management as of June 30, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,800 people in 31 offices across six continents. Further information is available at www.carlyle.com. Follow The Carlyle Group on Twitter @OneCarlyle.
About Cardinal Capital Group
Cardinal Capital Group is Ireland’s leading provider of alternative capital, directing private-equity capital, mezzanine finance and alternative lending to a broad range of sectors in the Irish market. Cardinal invests its own capital alongside institutional funders to support entrepreneurs and corporate management teams as well as real-estate investors and developers. Web: www.cardinalcapitalgroup.com
About Carlyle Cardinal Ireland
Carlyle Cardinal Ireland (CCI) is a joint venture between The Carlyle Group (NASDAQ: CG) and Cardinal Capital Group. The €292 million private equity fund is focused on growth capital and buyout investment opportunities across the island of Ireland and investors include the Ireland Strategic Investment Fund and Enterprise Ireland.
About Further Global Capital Management
Founded in 2017, Further Global Capital Management is an employee-owned private equity firm that makes investments in businesses within the financial services industry. The firm seeks to be a true partner with the management teams with whom it invests with an objective to be the capital provider of choice to the industry. Further Global seeks out situations in which its extensive network, operational expertise and capital can drive significant value. Further Global has raised over $1.2 billion of cumulative committed and invested capital. For more information, please visit www.furtherglobal.com.