RAC (UK Roadside Assistance)

exited

Services (UK) — Carlyle Group

Deal Terms

Entry Year2011

Entry EV$1B

Entry Multiple8x

Leverage5.5x

Debt Amount$0.55B

Outcome

Exit Year2014

Risk Metrics

LTV (est.)55%

Debt / EV0.55x

Notes

Carlyle bought RAC from Aviva for GBP 1B (2011). Sold to GIC (Singapore sovereign wealth) for GBP 1.4B (2014) — 40% return in 3 years. Quick PE flip of a subscription roadside assistance business. Recurring revenue model is PE catnip. RAC is the AA's main competitor — both have been through multiple PE ownership cycles.

Sponsor

Carlyle Group$435B AUM