ACCIDENT EXCHANGE NEWS

Accident Exchange targets growth under new ownership

Accident Exchange targets growth under new ownership

Accident Exchange Limited (“AEL”), the leading provider of accident management and mobility solutions, has closed a deal with its principal funder as it targets growth and expansion.

  • Eight Bar strengthens support for leading automotive and insurance industry services and technology provider
  • Automotive and Insurance Solutions Group Plc (“AISG”) sells Accident Exchange Limited and its other subsidiaries including DCML, In-Car Cleverness and APU, with the group now operating under the Accident Exchange Limited umbrella.

Under the agreement, Eight Bar Financial International S.A.R.L. (“Eight Bar”) has acquired AEL following a major restructure of former parent company, Automotive & Insurance Solutions Group plc. The transaction will result in a significant deleveraging of the existing debt by Eight Bar to deliver a strong balance sheet for the future

The new Group will see the trading subsidiaries, DCML (automotive software solutions), In-Car Cleverness (vehicle telematics) and APU (motor fraud investigation specialist), sit under AEL.

Lucy Woods has been appointed CEO and will continue to be supported by Nikki Roy (COO), Richard Paul (CFO) and Irfan Sadiq (Group Counsel), together with the existing operational management team. Lucy has been a Director on the Group Board since September 2016 and has over 13 years experience as a CEO and a reputation for delivering sustainable growth in financial performance.

Thomas E. Doster IV, Founding Partner of Eight Bar said, “We are enthusiastic about the future of the business. Having worked tirelessly to support the Group through some challenging periods, we are delighted to reach this agreement. With an incredibly talented management team and financial stability, there is a clear path for growth going forward.”

ENDS

For further information, please contact Richard Tanner, Andrew Taylor or Andy Bothwell at Performance Communications on t: 0208 541 3434 e: richard@performancecomms.com andyt@performancecomms.com or andyb@performancecomms.com