Thu, 24 Sep 2020 | BUSINESS NEWS
Roadside assistance provider the AA has said it is in talks over a possible all-cash acquisition by a consortium of private equity firms Towerbrook Capital Partners and Warburg Pincus.
The company also said that talks with Centerbridge Partners Europe and Platinum Equity Advisors had ended.
AA said: “The consortium has confirmed its strong interest in pursuing a possible all-cash offer for the company, including an intention to de-lever the AA’s capital structure significantly, consistent with the company’s objectives”.
The company, which was founded in 1905 and is well-known across Britain for its yellow recovery trucks, was floated in London by its previous private equity owners in 2014. However, its share price has experienced a slump in recent years, with concerns surrounding the size of its debts. Its current market value stands at £175 million.
AA said in a statement: "Any possible offer remains subject to a number of matters including, inter alia, the completion of the consortium's due diligence and the finalisation of documentation."
"The board now intends to progress its discussions with the consortium regarding a possible offer and a further announcement will be made in due course as appropriate."
The company added that its board is in discussions with other investors regarding alternative refinancing options, such as raising new equity. AA said earlier in the month that regulators had granted it an extension until September 29 for potential offers.
Find businesses for sale here.
If you are looking for an exit, we can help!
A well formed nationwide care employment provider in walk in condition, highly recommended and praised by their end users.
LEASEHOLD
An exceptional opportunity to acquire a profitable electrical contractor specialising in electrical and instrumentation installation and upgrade work. This reputable company has an established client base covering multiple sectors and generates addit...
LEASEHOLD
This is an exceptional opportunity to acquire an established company specialising in forklift truck hire, sales, servicing, and training. With a strong regional profile and a wide B2B client base, this business has a valuable inventory of fully owned...
LEASEHOLD
26
|
May
|
Administrators to bring landmark Sheffield building to market | ADMINISTRATION
A landmark building in Sheffield is to be put up for sale af...
25
|
May
|
Circular economy group expands with UK takeover | BUSINESS SALE
Reconomy Group, a global circular economy firm, has acquired...
25
|
May
|
Assets of leisure firm to be sold amid FCA investigation | ADMINISTRATION
Administrators are seeking a buyer for the business and asse...
01
|
May
|
AAB continues M&A-driven expansion with largest acquisition to date | BUSINESS SALE
Business critical services group AAB has acquired Scottish p...
27
|
Apr
|
Administrators market Scottish bakery operation for sale | ADMINISTRATION
Administrators are marketing a bakery operation and property...
28
|
Mar
|
Steel group acquires majority of counterpart’s assets from administrators | ADMINISTRATION
Barrett Steel has completed the acquisition of the majority ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.