Breakdown assistance provider RAC grabbed the headlines in recent weeks when it emerged that US alternative asset manager Carlyle Group had struck a deal to buy it from UK insurer Aviva for £1bn. The deal attracted attention not least because the AA, RAC’s UK rival, has had a well-publicised ride under private equity ownership, courting its fair share of flak along the way.

Charterhouse Capital Partners, CVC Capital Partners and Permira, the buyout owners of the AA, which was merged with over-50s travel and insurance group Saga under the holding company Acromas in 2007, attracted criticism for swingeing job cuts and paying minimal corporation tax.