Travers Smith LLP has advised the management team of RAC, one of the UK's biggest breakdown assistance providers, on its partnership with Silver Lake, joining existing owners GIC and CVC.
Headquartered in Birmingham and employing over 4,000 colleagues nationwide, RAC has been at the forefront of UK motoring for over 120 years and provides a differentiated range of driving and mobility-related services including breakdown assistance and insurance products.
Silver Lake brings unparalleled technology expertise, skills and relationships to RAC. Together with GIC and CVC, Silver Lake will support RAC in its goal of further improving its digital capabilities and leveraging its wealth of data to provide even more innovative products and services for RAC members and partners to accelerate RAC’s growth.
The transaction is subject to customary regulatory approvals and is expected to close later this year.
The Travers Smith team was led by Private Equity & Financial Sponsors Partner Adam Orr and supported by Senior Associate Rachel MacArthur. Specialist tax advice was provided by Tax Partners Hannah Manning and Russell Warren.