Travers Smith has advised longstanding client, the management team of the RAC Group ("Management"), in relation to the partnership entered into by funds advised by CVC and GIC, Singapore's sovereign wealth fund. CVC will become a co-shareholder in the RAC through the purchase of Carlyle's stake.
The Travers Smith team advising Management on the transaction was led by Senior Partner Chris Hale alongside Corporate Partner Adam Orr. They were assisted by senior private equity associates Jeremy Dennison and Gemma Phillips and private equity associates Adam Martin and Adrian Duncan.
In 2011, Travers Smith advised Management on the initial buyout of the RAC Group by Carlyle from Aviva and again in 2014 as part of Carlyle's partial sell down of its stake in the RAC Group to GIC.
The RAC is the second-largest roadside assistance providers across the UK and has approximately 8.6 million members as of 30 September, 2015. Committed to quality service and innovation over 118 years, the RAC is the UK's trusted automotive service brand. The company provides motoring services to its consumer membership base and corporate clients.
Other advisors working on the transaction include Linklaters (advising Carlyle), Freshfields (advising GIC) and Clifford Chance (advising CVC). Nick Tilley at PwC provided tax advice to Management.
The transaction is currently subject to regulatory approval and is expected to complete in early 2016.