CVC Capital Partners and Silver Lake have begun investor outreach for a potential London IPO of RAC, exploring a listing that could value the UK driving services provider at around $6.7bn. The private equity firms have held early-stage meetings with fund managers in recent weeks, assessing investor appetite for a potential market debut later this year.

RAC provides breakdown assistance, insurance, and related services to around 16 million UK customers, demonstrating a resilient, service-based revenue model. The company reported £840m revenue and core earnings of £329m, highlighting steady operational performance despite market volatility.

The planned IPO reflects broader private equity efforts to generate liquidity through public markets, as firms navigate a slower exit environment driven by higher borrowing costs and macroeconomic uncertainty. The process remains preliminary, with no final decisions made on timing or structure for the potential listing.