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Carlyle Group has sold RAC, the UK roadside recovery firm, to CVC Capital Partners in a deal that values the business at Pound2.2bn, including its debt.
The Government of Singapore Investment Corp is retaining the 50% stake it acquired from Carlyle last year.
A source with knowledge of the deal confirmed that RAC's capital structure would not change with the deal, and that CVC's stake would be in the region of 40% to 50%.
The investment is the first from CVC's Strategic Opportunities Platform, raised in response to an appetite for longer term holdings from its larger investors, notably sovereign funds.
Carlyle bought RAC from Aviva in 2011, when Aviva decided to focus on its core insurance operations. The Pounds 1bn price was regarded at the time to have undervalued the company. That deal included Pounds 620m of new debt.
Under Carlyle's ownership, RAC's revenues grew from Pounds 417m in 2010 to Pounds 498m in 2014.