New owner, new chief executive – it looks like that will be the scenario over at Irish insurance intermediary and roadside assistance provider AA Ireland following its sale to Olivier Sarkozy’s Further Global Capital Management.
AA Ireland, which was bought by Carlyle Cardinal Ireland and Carlyle Global Financial Services Partners (CGFSP) from British group AA Plc in 2016, has now come under the ownership of the US private equity firm founded by Sarkozy, who previously served as CGFS head.
Terms of Further Global’s swoop for the controlling stake were not disclosed, but a report by The Irish Times suggests AA Ireland was purchased to the tune of €240 million.
According to the publication, the deal will see a change in leadership within the acquired business, with AA Ireland chief executive Brendan Nevin to be succeeded by former Liberty Insurance Ireland CEO Tom McIlduff sometime in 2021. The latter currently serves as Western Europe markets chief executive at Liberty Seguros in Spain.
AA Ireland employees were reportedly notified of the CEO succession plan last week.
Earlier this month, Nevin stated: “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.”
Nevin has led AA Ireland since 2011.
