The owners of the AA, Britain’s biggest breakdown recovery service, are lining up bankers to steer a path towards a sale or stock market listing next year which could value the company at well over £4bn.

Sky News has learnt that JP Morgan and Rothschild are in pole position to be appointed to conduct a review of the AA’s strategic options following a recovery in its financial and operating performance.

The AA, which has more than 16 million customers, including 3.3 million individual members, is jointly owned by three private equity firms: Towerbrook Capital Partners, Warburg Pincus and Stonepeak.

Insiders said this weekend that any form of corporate transaction involving the AA was not imminent or likely to take place for at least 12 months.

They added that there was no fixed timetable and that a deal might not take place until after 2026.

Nevertheless, the impending appointment of advisers underlines the renewed confidence its shareholders now have in its prospects, with the business having recorded four consecutive years of customer, revenue and earnings growth.

A strategic review of the AA’s options is likely to encompass an outright sale, listing on the public markets or the disposal of a further minority stake.

Stonepeak invested £450m into the company in a combination of common and preferred equity, in a transaction which completed in July last year.

That deal was undertaken at an enterprise valuation – comprising the AA’s equity and debt – of approximately £4bn, the shareholders said at the time.

Given the company’s growth and the valuation at which Stonepeak invested, any future transaction would be unlikely to take place with a price of less than £4.5bn, according to bankers.

The AA, which has a large insurance division as well as its roadside recovery operations, remains weighed down by a substantial – albeit declining – debt burden.

Its most recent set of financial results disclosed that it had £1.9bn of net debt, which it is gradually paying down as profitability improves.

AA owners over the years

The company has been through a succession of owners during the last 25 years.

In 1999, it was bought by Centrica, the owner of British Gas, for £1.1bn.

It was then sold five years later to CVC Capital Partners and Permira, two buyout firms, for £1.75bn, and sat under the corporate umbrella Acromas alongside Saga for a decade.

The AA listed on the London Stock Exchange in 2014, but its shares endured a miserable run, being taken private nearly seven years later at little more than 15% of its value on flotation.

Under the ownership of Towerbrook and Warburg Pincus, the company embarked on a long-term transformation plan, recruiting a new leadership team in the form of chairman Rick Haythornthwaite – who also chairs NatWest Group – and chief executive Jakob Pfaudler.

For many years, the AA styled itself as “Britain’s fourth emergency service”, competing with fierce rival the RAC for market share in the breakdown recovery sector.

Founded in 1905 by a quartet of driving enthusiasts, the AA passed 100,000 members in 1934, before reaching the one million mark in 1950.

Last year, it attended 3.5 million breakdowns on Britain’s roads, with 2,700 patrols wearing its uniform.

The company also operates the largest driving school business in the UK under the AA and BSM brands.

In the past, it has explored a sale of its insurance arm, which also has millions of customers, at various points but is not actively doing so now.

By recruiting a third major shareholder last, the AA mirrored a deal struck in 2021 by the RAC.

The RAC’s then owners – CVC Capital Partners and the Singaporean state fund GIC – brought the technology-focused private equity firm, Silver Lake, in as another major investor.

A spokesman for the AA declined to comment on Saturday.

ATLANTA — Ronald Acuña Jr. crushed his first pitch 467 feet for a home run in his dramatic return to the Atlanta Braves on Friday night, almost one year after he tore his left ACL.

Acuña, in his customary leadoff position in the lineup, turned on a fastball from San Diego Padres right-hander Nick Pivetta and sent the ball into the seats in left-center. Acuña hesitated briefly on his jog around the bases for a shuffle step.

The homer by Acuña had an exit velocity of 115.5 mph. It was the hardest hit ball by a Braves player this season.

Acuña added a single in his next at-bat and also enjoyed a defensive highlight, throwing out Elias Díaz at second base in the eighth following Díaz’s single.

But San Diego’s Manny Machado hit a tiebreaking homer off Raisel Iglesias in the ninth inning to overcome Acuña’s homer and beat the Braves 2-1 to end a six-game losing streak.

Acuña said after the game “I had a feeling” about hitting a homer in his return.

When asked if he meant he had a feeling about a first-pitch homer, Acuña said: “Exactly how it happened. … To me that’s just the culmination of all the work I put in.”

Infielder Orlando Arcia, a 2023 All-Star, was designated for assignment to clear a roster spot for Acuña, who started in right field.

Acuña said through interpreter Franco Garcia that he was “super excited, super happy” to make his return and added “I couldn’t sleep that much” after receiving the news of his return Thursday.

Braves manager Brian Snitker announced after Thursday night’s 8-7 loss at Washington that Acuña would make his season debut Friday night.

Snitker said Friday it felt good to make out his first lineup of 2025 that included Acuña.

“He’s one of those players that you better not go get a beer or whatever because you might miss something really cool, you know?” Snitker said. “I mean, he’s that type of force, I think, in the game. I think he’s going to energize everybody. Going to energize the fans. Going to energize his teammates.”

Acuña, the 2023 NL MVP, hurt his left knee May 26, 2024, and had surgery on June 6. The 27-year-old played six games in the minors on a rehab assignment, going 6-for-15 with two home runs.

Acuña played in only 49 games last season, batting .250 with four homers, 15 RBIs, 16 stolen bases and a .716 OPS.

This is Acuña’s second comeback from a major knee injury. He tore his right ACL on July 10, 2021, and returned the following April. When asked Friday what is different about this rehabilitation process, he said, “Patience. The patience, for sure. … I just think I’m in a much better place.”

Atlanta is 24-26 after an 0-7 start.

“It’s huge,” third baseman Austin Riley said. “The talent is there. The energy he brings, having Ronald up there at the top of the lineup. … He can change a game at any point.”

Acuña was a unanimous NL MVP in 2023 when he hit .336 with 41 home runs, 106 RBIs and a league-leading 1.012 OPS. Acuña also stole 73 bases that year to become the only player with 40 homers and 70 steals in one season.

Arcia, 30, was a 2023 NL All-Star when he hit .264 with 17 homers and 65 RBIs. Arcia lost his starting job due to an inability to compensate at the plate while suffering a defensive decline. He hit only .194 in 31 at-bats this season.

Snitker said he hopes Arcia will accept a minor league assignment if he does not land another job in the majors.

“I think we all know that it’s a business,” Acuña said of Arcia getting cut. “I’m happy to be back but I’m sorry that’s the move.”

Nick Allen has taken over as the starting shortstop. Snitker said Luke Williams is the backup shortstop and Eli White, a part-time starter in the outfield, will see more time in the infield.

The Associated Press contributed to this report.