The AA has acquired Key Care Limited (1 February 2024) a profitable key insurance business operating across the UK and the Republic of Ireland, following approval from the Financial Conduct Authority.
Keycare offers insurance policies for lost and stolen keys. The AA has been a leading customer of Keycare for several years, providing services to Gold members, so has acquired Keycare to expand its product base to members and customers, showing that the UK’s number one breakdown provider goes beyond breakdown.
Keycare will now form part of The AA Group alongside DriveTech and Prestige Fleet Servicing and will enhance The AA’s position as the B2B partner of choice.
The AA were supported on the transaction by Shoosmiths and Buzzacott Corporate Finance.
Jakob Pfaudler, CEO of The AA, said; “I am delighted that The AA has acquired Keycare as it will help create confidence for drivers now and in the future.
“The acquisition is in line with our strategy to offer world class customer service as well as diversifying our portfolio of products for our customers. We keep the customer at the heart of everything we do, and this is a key part of our strategy.”
Steve Wainwright, Chief Executive of Key Care Limited, said; “Keycare has worked closely with the AA for many years, so we are excited to be joining the AA Group and beginning a new chapter in the history of the business.
“Both the AA and Keycare have market leading positions and strong complementary brands and our organisations have a shared ethos which puts the customer at the centre of everything we do.
“I believe that this is a great opportunity to develop the Keycare business further as part of the larger AA group.”