Saga expected to raise £3bn in IPO

Alice Murray
29 October 2013

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Saga, part of Acromas, backed by CVC, Charterhouse and Permira, has hired STJ Advisors in advance of an expected £3bn public offering.

According to The Telegraph, the potential listing is expected to take place in 2014.

STJ advised on the recent listing of Stock Spirits, backed by Oaktree Capital Management, which floated on the London Stock Exchange this month. The potential listing follows a spate of upcoming high-profile private equity-backed IPOs including Blackstone and CVC's flotation of Merlin Entertainment, and Terra Firma's listing of Infinis Energy.

The individual listing of the over-50s insurance group follows much speculation over the Acromas group's split. In July this year, following a 4.9% uptick in the group's overall EBITDA, rumours continued to abound that the group, comprising AA and Saga, would be broken up at some point to enable its private equity backers to exit.

CVC and Permira merged car breakdown recovery service AA with Saga in June 2007. Charterhouse acquired Saga in 2004, in a £1.35bn deal. CVC and Permira picked up AA also in 2004, for £1.75bn.