The private equity consortium of TowerBrook Capital Partners and Warburg Pincus owns the majority stake in Britain’s self-styled “fourth emergency service,” while alternative investment firm Stonepeak owns a 15% minority stake.

Sky News first reported the potential sale to Allianz, which would see the British brand pass into German control. The firm already owns general insurance business, Liverpool Victoria (LV=), and pet insurer Petplan.

Swedish private equity giant EQT is also reported to be considering a bid. Owners of the AA enlisted bankers last year to pursue a potential sale amid growing debt pressures.

Revenues for the firm, which provides car insurance, roadside assistance and driving schools, rose from £1.45bn to £1.5bn last year, yielding profits of £241m. The firm’s net debt is currently £1.9bn.

It was founded in 1905 as a member-owned mutual association before it was demutualised in 1999 and acquired for £1.1bn by energy company Centrica.  It was then sold to CVC Capital Partners and Permira, two buyout firms in 2004 for £1.75bn. It listed on the London Stock Exchange in 2014 before it returned to private ownership seven years later.

Under the ownership of TowerBrook and Warburg Pincus, the AA launched a long-term transformation plan, recruiting a new leadership team that partly restored its fortunes.