One of the personal fairness backers of the AA breakdown restoration service has poached a veteran City banker to take a management function at its operations in Europe.

Sky News has learnt that Warburg Pincus is lining up Andrew Sibbald, the chairman of Evercore Partners' London-based enterprise, to turn into the agency's co-head of Europe.

Mr Sibbald is predicted to work alongside Rene Obermann, the Airbus chairman, who is predicated in Berlin as Warburg Pincus's different European boss.

Adarsh Sarma, Warburg Pincus's present London-based co-head of Europe, is alleged to be leaving the agency and searching for a brand new alternative elsewhere, in accordance with one City supply.

Warburg Pincus is among the world's greatest personal fairness buyers, with a portfolio within the UK which incorporates stakes within the AA and Reiss, the style retailer.

It manages belongings of roughly $80bn (£62bn) and has simply raised a $16bn (£12.5bn) international buyout fund.

The agency's different investments embody Inmarsat, the satellite tv for pc operator, and Ola, the Indian ride-hailing app.

Mr Sibbald's 35-year profession in banking consists of having suggested on offers which reshaped elements of Britain's company panorama, such because the fund supervisor M&G's demerger from Prudential and the preliminary public providing of funds platform Hargreaves Lansdown.

He additionally suggested the AA on its sale to Warburg Pincus and Towerbrook Capital Partners.

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Both Warburg Pincus and New York-listed Evercore have been contacted for touch upon Sunday.

Content Source: information.sky.com