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!
The company provides a streamlined, tech-supported process for homeowners and residential landlords to acquire new home services, including heating and other infrastructure. The business offers products from leading brands through an automated stock...
The company designs, manufactures, installs and maintains biomass heating systems for industrial premises throughout the UK. The business offers products with varying heating capabilities and capacities, ensuring that it can meet clients’ specificati...
Presently seeking parties interested in the business and assets of a company that operates within the cleaning industry.
21
|
Nov
|
Omega Plastics in management buy-out | MBO/MBI
Gateshead-based plastics group Omega Plastics Group has unde...
21
|
Nov
|
Antrim-based Texthelp buys EdTech peer Scholarcy | BUSINESS SALE
Texthelp Group, an Antrim-based Edtech has bought peer Schol...
21
|
Nov
|
Ecommerce group Velstar seals third 2024 acquisition | BUSINESS SALE
Liverpool-based ecommerce specialist, Velstar, has made its ...
05
|
Nov
|
Bruton looks to South West for growth after new acquisition | BUSINESS SALE
Exeter-based commercial property management firm Haarer Goss...
15
|
Apr
|
Peak District hotel up for sale for £2.35m | COMMERCIAL PROPERTY
A country house hotel in the Peak District is hitting the ma...
24
|
Jan
|
Logistics group acquires North Yorkshire company to drive geographic expansion | BUSINESS SALE
Logistics firm DAA Transport Ltd has acquired a company base...
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.