Accident management and mobility solution provider Accident Exchange is targeting growth under its new owner, Eight Bar Financial.
Eight Bar has acquired AEL following a major restructure of former parent company Automotive & Insurance Solutions Group.
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.
Woods has been a director on the group board since September 2016 and has more than 13 years' experience as a CEO.
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.”