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RAC owners rev up £5bn float plan as banks take steering wheel
The owners of the RAC have begun selecting bankers to spearhead a £5bn stock market listing which could become one of the London market's biggest of 2026.
Sky News has learnt that the breakdown recovery service's trio of shareholders have picked investment banks including Goldman Sachs to lead a flotation. Money latest: The UK's chicken shop boom The RAC, which was founded in 1897 as the Automobile Club of Great Britain, is owned by buyout firms CVC Capital Partners and Silver Lake Partners and the Singaporean state investment fund GIC.
It has about 15 million members. The RAC shareholders' plans to pursue an exit were revealed by Sky News last summer, with a public market listing understood to be their preferred option, although a sale remains a possibility.
The AA is also backed by private equity investors who have appointed bankers to explore an exit. TowerBrook Capital Partners, Warburg Pincus and Stonepeak, which collectively own the AA, have appointed JP Morgan and Rothschild to review the AA's strategic options.
The RAC employs thousands of people and is one of Britain's most recognisable consumer brands. It is chaired by the former Debenhams chief Rob Templeman and run by chief executive Dave Hobday.
Read more from Sky News:Dollar has become a 'falling chainsaw' - what it means for youAmazon to cut 16,000 jobs globally to streamline operations None of the RAC's shareholders could be reached for comment..
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