The deal marks an exit for Carlyle Cardinal Ireland Fund and Carlyle Global Financial Services Partners, who acquired the business for €156.6 million as it was spun off by UK-based AA plc in 2016. “With the experience, expertise and backing of Further Global, AA Ireland will continue to operate as an Irish-based company headquartered in Dublin,” said AA Ireland chief executive Brendan Nevin. Dublin-based Cardinal Capital, co-founded by financiers Nick Corcoran and Nigel McDermott, were also involved in that consortium before joining forces with Carlyle to set up the €290 million Carlyle Cardinal Ireland Fund in 2014. The investment period of the Carlyle Cardinal Ireland Fund came to an end last year. Cardinal Capital also established a new private equity fund earlier this year.

Source: The Irish Times October 01, 2020 12:17 UTC