AAC Capital Partners has started putting to work the near €1 billion war chest it received from a Goldman Sachs-led consortium in November last year.
The mid-market firm, formerly the captive private equity team of Dutch banking group ABN AMRO, has acquired a “substantial” stake in Viking Redningstjeneste, an Oslo, Norway-headquartered roadside assistance business.
This is the first acquisition made by AAC since Goldman Sachs Asset Management led a consortium of investors to commit €950 million to AAC’s current investment programme in November last year.
Viking generated revenues of around NOK300 million (€36 million; $46 million) in 2008, with a majority of sales generated by services provided to customers of large insurance companies, the firm said in a statement.
Debt financing was provided by Norway’s DnB NOR Bank.