AA float plan provides work for Tulchan and Headland

Headland Consultancy and Tulchan Communications are handling communications around the upcoming flotation of emergency breakdown service, the AA.

AA: Set for an IPO
AA: Set for an IPO

The current management of the AA, which is owned by private equity consortium Acromas Holdings, is working with Tulchan.

Headland is working for a group that is undertaking a management buy-in of the company supported by several major institutional shareholders, including Aviva, Blackrock, CRMC, GLG Partners, Henderson Global, Henderson Volantis, Invesco, L&G and Lansdowne Partners.

The group is led by Bob Mackenzie, a former executive at AA rival Green Flag who is the incoming chairman of the AA.

It has acquired two thirds of the AA for £930m and is planning to raise further investment to buy the remainder before floating the company on the Stock Exchange.

Acromas last month floated AA’s sister brand Saga, reportedly with Brunswick advising on financial PR. 

However, since listing on the stock exchange the company only rose 0.5p per share in its first day of trading, with some industry figures claiming this was a sign of a cooling IPO market after a busy start to 2014

Both Headland and Tulchan confirmed the appointments but declined to comment further. 

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