Further Global acquires majority stake in AA Ireland for €240m

Further Global Capital Partners I was announced in January 2019 with a target of $1.25bn, but has since held a close on an undisclosed amount. The fund deploys its capital globally in the financial services industry, typically taking majority stakes with equity investments of $75-200m per transaction.

The deal marks an exit for Carlyle Cardinal Ireland Fund and Carlyle Global Financial Services Partners.

Covid-19 travel restrictions in Ireland earlier this year had dented turnover, affecting sales of travel insurance and also resulting in the temporary closure of car test centres, according to a statement.

Previous funding
Carlyle Cardinal Ireland Fund and Carlyle Global Financial Services Partners acquired AA Ireland for €156.6m when it was spun out by UK-based AA in 2016. The Carlyle Cardinal Ireland Fund closed on €292m in July 2014. Other realisations from the fund include stakes in Lily O'Briens, Payzone, cash-in-transit firm General Secure Logistics Services and outsourcing company Abtron.

Company
AA Ireland, a Dublin-based roadside assistance and insurance intermediary company, employs 500 people and posted €13.7m in net profits in the year to January 2020 on sales of €62.4m. It was founded in 1910.

People
Equity – KBW (M&A); Dechert (legal); Arthur Cox (legal); KPMG (financial due diligence).
Vendor – Key Capital (M&A); A&L Goodbody (legal).

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• Topics
• Buyouts
• Exits
• UK / Ireland
• Consumer
• Secondary buyout
• Ireland
• Carlyle Group
• Dechert
• KPMG