The amount to be paid to Allen was revealed in a filing published by AA Ireland on the Companies Registration Office (CRO) last week.<\/p>\n
The filing also disclosed details of other bonuses paid to staff, ranging from \u20ac5,000 to \u20ac100,000.<\/p>\n
Deal will help accelerate the rollout of its new service centre locations and enhance its digital capabilities<\/p>\n
The amount paid to key shareholders in AA Ireland was not disclosed in the public filing. As non-shareholders, some AA Ireland staff who received bonuses had to have them publicised in the CRO declaration.<\/p>\n
Last week, AA Ireland announced it had been sold to Abry Partners, a Boston-based private equity firm with experience across the insurance and mobility sectors.<\/p>\n
The deal with Abry is set to help bolster AA Ireland\u2019s growth strategy and strengthen its mobility and insurance offerings for Irish consumers. The company will also accelerate the rollout of its new service centre locations and enhance its digital capabilities.<\/p>\n
Tom McIlduff, CEO of AA Ireland, said the partnership was a milestone moment.<\/p>\n
The company had revenue hitting \u20ac71.6m in 2023 and an operating profit of \u20ac3.2m<\/p>\n
\u201cAbry\u2019s long history of investing across the insurance and automobile ecosystems will help us further build on our company\u2019s legacy and expand the value we deliver to motorists across Ireland,\u201d he said.<\/p>\n
\u201cTogether we will invest in innovation while ensuring our members continue to receive the high standard of service they expect from our brand.\u201d<\/p>\n
Headquartered in Dublin, the AA Ireland employs over 700 people. The company is one of the country\u2019s largest insurance brokers and roadside assistance operators, with revenue hitting \u20ac71.6m in 2023 and an operating profit of \u20ac3.2m.<\/p>\n
The acquisition means Abry will become AA Ireland\u2019s third owner in nine years.<\/p>\n
AA Ireland was previously owned by Further Global, a US private equity house counting Olivier Sarkozy as its managing partner. He is the half-brother of former French president Nicolas Sarkozy.<\/p>\n
The report said the company was likely to be valued at \u20ac550m<\/p>\n
In August, the Sunday Times reported Abry Partners was leading the race to acquire AA Ireland. The report said the company was likely to be valued at \u20ac550m and that Further Global intended to retain some of its holding.<\/p>\n
Abry Partners, founded in 1989, has completed over $90bn (\u20ac78bn) of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages $16bn of assets across several fund strategies.<\/p>\n","protected":false},"excerpt":{"rendered":"The amount to be paid to Allen was revealed in a filing published by AA Ireland on the…\n","protected":false},"author":2,"featured_media":118784,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,61,60,5913],"class_list":["post-118783","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ie","tag-ireland","tag-sean-pollock"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/118783","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=118783"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/118783\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/118784"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=118783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=118783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=118783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}