The UK’s Aviva plc announced that it has agreed to sell RAC France in a management buy-out backed by Finadvance SA, a French private equity investor.
Aviva explained that “RAC France coordinates roadside assistance for RAC’s UK customers in Europe and is also a supplier of extended car warranties. The gross assets of the business total £38 million [$62.5 million].”
Aviva said it would “continue to supply roadside assistance and accident management services to RAC members driving in Europe through a long-term contract with RAC France.”
Aviva acquired RAC France – which is based in Lyon – as part of the purchase of RAC plc in 2005.
The insurer added that it “has fully integrated the core UK business of RAC into its general insurance operations, and it now has over seven million customers.”
The buy-out is led by RAC France managing director Jean-Matthieu Biseau. The deal – which is subject to regulatory approval – is expected to complete by the end of the year.
Source: Aviva – www.aviva.com
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