AA Ireland has been bought by Carlyle Cardinal Ireland in partnership with Carlyle Global Financial Services Partners for €156.6m from its owners AA. 

The motoring service provider and insurance intermediary employs 430 people in Ireland and has been in operation here for over a century. 

It has over 350,000 customers across its motor, home, travel and life businesses. 

Carlyle Cardinal has been active in the Irish investment market in the last few years with investments in companies including Lily O'Brien's, Carroll Cuisine and Payzone.

"We are excited that the AA Ireland will now be an Irish headquartered company run by its local management team," said Brendan Nevin, the company's chief executive

"Our new owners have a proven track record of success across the sectors we operate in, which will benefit the AA Ireland as we look to continue growing the company," he added.

The deal is still subject to approval from the Competition and Consumer Protection Commission and the Central Bank.

AA Ireland generated a pretax profit of €12m and had gross assets of €163m as at January 31, the company said. 

Its parent company AA, which listed in 2014, said it intended to use the proceeds to repay part of its debt.

AA said that the AA Ireland business differs significantly from its UK business, and synergies and potential cross sell opportunities are limited. It added that the two entities would sign a long-term ongoing services agreement. 

The deal is expected to close by the end of July.