Divestiture • Consumer Services

The Carlyle Group and Omnes Capital Acquire RAC

On June 22, 2011, private equity firms The Carlyle Group and Omnes Capital acquired consumer services company RAC from Aviva for 1.0B GBP

Acquisition Context
  • This is The Carlyle Group’s 6th and Omnes Capital’s 3rd transaction in the Consumer Services sector.
  • This is The Carlyle Group’s 44th and Omnes Capital’s largest (disclosed) transaction.
  • This is The Carlyle Group’s 22nd and Omnes Capital’s 4th transaction in the United Kingdom.
Investment Fate
  • RAC was sold to a consortium of financial buyers in 2015.

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M&A Deal Summary

Date June 22, 2011
Target RAC
Sector Consumer Services
Buyer(s) The Carlyle Group
Omnes Capital
Sellers(s) Aviva
Deal Type Divestiture
Deal Value 1.0B GBP

Target Company

RAC

Walsall, United Kingdom
RAC is an motoring organization offers roadside assistance to around 8.6 million members if their vehicles suffer a mechanical failure, fixing 80% of issues at the roadside. If the issue can’t be resolved then members will be offered a tow to a destination of the member’s choice. RAC is also an insurance broker, offering car, home, motorcycle and van and other specialist insurance using a panel of third-party underwriters to roadside members and non-members. RAC was founded in 1897 and is based in Walsall, United Kingdom.
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Buyers Overview 2

Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


Deal Context for Buyer #
Overall 398 of 750
Sector: Consumer Services 6 of 10
Type: Divestiture 36 of 74
Country: United Kingdom 22 of 53
Year: 2011 12 of 34
Size (of disclosed) 44 of 137
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-20 Sagemcom

Bois-Colombes, France

Sagemcom is a designer, developer and producer of a complete line of products for the broadband, set top box and printing industries. These products include consumer faxes, terminal & pro systems, photo printers, broadband access/DSL/FTTH, residential telephones, Wifi terminals, digital set top boxes, energy metering, networking equipment, video projectors and radio /modules. Sagemcom was founded in 2008 and is based in Bois-Colombes, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-03 Newgen Knowledge Works

Chennai, India

Newgen Knowledge Works is a knowledge process outsourcing company offering publishing services to marquee clients including Aspen Publishers, Oxford University Press, Cambridge University Press, Palgrave Macmillan and Taylor & Francis. Newgen Knowledge Works was founded in 1996 and is based in Chennai, India.

Sell -
Buyer

Omnes Capital

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 5.7B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Omnes Capital formerly known as Credit Agricole Private Equity (CAPE) is the investment arm of financial services group Credit Agricole. Omnes Capital looks to invest in a range of investment stages and transaction types, including LBO/expansion, venture capital, mezzanine, renewable energy, co-investment, infrastructure, and special situations. The Firm's LBO/expansion group looks to invest €25 to €80 million to support growth initiatives and buyouts of small and mid-cap businesses operating in a variety of industries. Omnes Capital generally invests in businesses operating in France and Italy. Omnes Capital's mezzanine area was formed in 2002 and looks to provide €5 to €30 million of junior capital to similar sized established businesses. In addition to Omnes Capital's traditional equity and subordinated debt investment arm, the Firm also invests in infrastructure projects as well as provides capital for distressed businesses with €10 to €150 million in revenue. Omnes Capital was formed in 2004 and is based in Paris.


Deal Context for Buyer #
Overall 98 of 162
Sector: Consumer Services 3 of 5
Type: Divestiture 3 of 6
Country: United Kingdom 4 of 4
Year: 2011 5 of 8
Size (of disclosed) 1 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-05 Moncler

Milan , Italy

Moncler is a manufacturer of high-end sportswear products under the brands Moncler, Henry Cotton, Marina Yachting and Coast, Weber & Ahaus (CWA) and licensee of the second-line brand Cerruti. Moncler was founded in 1952 and is based in Milan, Italy.

Buy €418M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-23 Daltys SA

Gardanne, France

Daltys SA markets and operates hot and cold drink, sweet and sandwich vending machines for businesses, the healthcare, and the hotel & catering sectors. The company also develops coffee-shop and multi-service concepts for public spaces. Daltys was formed in 1980 and is based in Gardanne, France.

Buy -

Seller Profile 1

SELLER

Aviva

London, United Kingdom

Category Company
Founded 1696
Sector Insurance
Employees29,091
Revenue 31.8B GBP (2024)
DESCRIPTION

Aviva provides various insurance, retirement, investment, and savings products. Aviva was founded in 1696 and is based in London, England.


Deal Context for Seller #
Overall 2 of 11
Sector: Consumer Services 1 of 1
Type: Divestiture 2 of 9
Country: United Kingdom 2 of 5
Year: 2011 1 of 1
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-01-12 HPI Group Holdings

Salisbury, United Kingdom

HPI is a provider of vehicle checking services to motor dealerships, finance and insurance companies, the police, individuals and a range of trade bodies. HPI’s database of information on all motor vehicles in the UK, allows its users to prevent fraud and to ensure that a vehicle is purchased with good title.

Sell £94M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-05 Aviva NDB Finance Lanka Pvt.

Colombo, Sri Lanka

Aviva NDB Finance Lanka Private Limited operates as an insurance broker.

Sell $109M