One of the private equity backers of the AA breakdown recovery service has poached a veteran City banker to take a leadership role at its operations in Europe.
Sky News has learnt that Warburg Pincus is lining up Andrew Sibbald, the chairman of Evercore Partners’ London-based business, to become the firm’s co-head of Europe.
Mr Sibbald is expected to work alongside Rene Obermann, the Airbus chairman, who is based in Berlin as Warburg Pincus’s other European boss.
Warburg Pincus has also invested in Reiss, the fashion retailer
Adarsh Sarma, Warburg Pincus’s current London-based co-head of Europe, is said to be leaving the firm and seeking a new opportunity elsewhere, according to one City source.
Warburg Pincus is one of the world’s biggest private equity investors, with a portfolio in the UK which includes stakes in the AA and Reiss, the fashion retailer.
It manages assets of roughly $80bn (£62bn) and has just raised a $16bn (£12.5bn) global buyout fund.
The firm’s other investments include Inmarsat, the satellite operator, and Ola, the Indian ride-hailing app.
Mr Sibbald’s 35-year career in banking includes having advised on deals which reshaped parts of Britain’s corporate landscape, such as the fund manager M&G’s demerger from Prudential and the initial public offering of funds platform Hargreaves Lansdown.
He also advised the AA on its sale to Warburg Pincus and Towerbrook Capital Partners.
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Both Warburg Pincus and New York-listed Evercore were contacted for comment on Sunday.