Britain’s second-largest insurer, Aviva, said on December 2 it agreed to sell the French arm of roadside assistance business RAC as part of a management buy-out backed by French private equity investor Finadvance.
RAC France, which Aviva acquired when it took over RAC in 2005, coordinates breakdown and accident help for RAC’s UK customers in Europe and supplies extended car warranties.
Aviva said the buy-out, expected to be completed by the end of the year, was led by RAC France managing director Jean-Matthieu Bisseau. The unit employs more than 160 people.
RAC’s main UK operations are fully integrated with Aviva’s general insurance business and it has over 7 million customers.