The AA, the near century-old Automobile Association, has been sold to CVC Capital Partners and Permira.

CVC Capital Partners and Permira purchased the AA from Centrica for £1.75 billion and, in their words, will aim to “secure the AA’s future as a pre-eminent force in the UK motoring services market.”

CVC and Permira have confirmed that they intend to run the AA as an independent company, and will continue to invest in and develop the existing lines of business under the AA brand.

The AA will continue to perform its public policy work, acting as an independent voice on behalf of motorists, as will the AA Motoring Trust charity.

Roger Wood, managing director of the AA, announced his intention to retire on completion of the sale, which is likely to be in the early autumn. CVC and Permira have confirmed that Sir Trevor Chinn will become Chairman of the AA on completion, and Tim Parker will take over as Chief Executive.