Private equity looks at first steps of a £9bn AA -to-Saga break-up Acromas is owned by Charterhouse, CVC and Permira, and brings together two of Britain's most recognisable brands employing 38,000 people. The 2007 merger of the two groups was done at the apex of Britain's buy-out frenzy and famously helped repair the wounds of years of controversy surrounding the AA's original private equity owners. Under chief executive Andrew Goodsell the company has defied the recession and continued to produce growth and expand market share. In 2011, Acromas saw its sales rise 15.1pc to £2.1bn, with earnings before interest, tax, depreciation and amortisation up 3.8pc to £519m. At this stage, no final decision has yet been made on whether to separate the AA or to sell the company. If the company does chose to move forward, banking advisers are not expected to be appointed until next year. In that scenario, Saga, which is worth between £3bn-£4bn, could be sold or more likely floated on the UK stock market independently. Acromas will also continue to assess whether it is possible to keep the group knitted together and float the entire company with a £8bn-£10bn listing. However, this is seen as a increasingly unlikely option given the difficulty of raising new money in London. Under current discussions, Acromas could chose to raise money in the high yield bond market, which has been booming recently. This would allow the private equity trio to take a dividend through a re-capitalisation of the company that would refinance its £4.3bn of bank debt. It could also use the high yield market to refinance the £2.9bn "shareholder loan note" which racks up 16pc in interest every year, equating to £420m. This rolls up annually and does not need to be changed until ownership changes hands. Finally, Acromas could decide to bring in a new cornerstone investor that would see a partial return of capital to all shareholders. This could be a sovereign wealth fund or private equity firm.