SAN DIEGO, Calif. – Mitchell International, a provider of technology, connectivity and information solutions to the Property & Casualty (P&C) claims and collision repair industries, has executed a definitive agreement with global investment firm KKR, whereby Aurora Capital Group will exit its equity position in Mitchell and transition ownership to KKR. Financial terms of the transaction were not disclosed.
Founded in 1946 and headquartered in San Diego, Calif., Mitchell offers a comprehensive range of products and services that assist insurance carriers, collision repair facilities and other claims payers in efficiently managing automotive and workers’ compensation insurance claims.
"We have built Mitchell into a great company by investing in our products, people and infrastructure. KKR shares our vision of being a growth-oriented, customer-driven company built on strong values," said Alex Sun, president and CEO of Mitchell. "This is an exciting time for Mitchell, and I am extremely appreciative of Aurora’s support over the years. We are excited to work with KKR on Mitchell’s next phase of growth and development as we maintain focus on empowering our clients to deliver the best possible outcomes. We believe KKR’s capabilities in technology and healthcare, both domestically and internationally, will enable us to find new ways to provide valuable and innovative solutions to our clients."
Mitchell recently expanded its international footprint through an investment in GT Motive, a company dedicated to the development of claims management solutions for the automotive sector in Spain and throughout Europe. Earlier this week, Mitchell also announced a strategic alliance with Guidewire, the leading core claims system provider to the P&C industry.
Herald Chen, co-head of KKR’s technology investing group, said, "We believe that Mitchell represents an attractive investment in a market leader in an important market segment. For more than 67 years, Mitchell has provided products that help businesses and individuals restore their lives and property. We are excited to partner with Mitchell’s executive leadership team and support the company’s future growth plans as Mitchell continues to invest in its customers, its people and its market-leading technology."
Josh Klinefelter, partner of Aurora Capital Group, said, "We are proud of our collaboration with Mitchell and the positive outcome this transaction represents for all parties. Through its unwavering focus on empowering the best outcomes for its clients, Mitchell, led by President and CEO Alex Sun, grew organically and also expanded through strategic acquisitions. Our partnership with Mitchell exemplifies Aurora’s strategy of helping outstanding companies strengthen their market leadership positions and accelerate their growth trajectories."
The transaction is subject to customary conditions to closing, including regulatory approval, and is expected to close in the fourth quarter. There will be no disruption of service or support from Mitchell as a result of the transaction.
KKR was advised by BofA Merrill Lynch and Three Ocean Partners on the transaction. Goldman, Sachs & Co. served as lead financial adviser to Mitchell. William Blair & Company and Guggenheim Securities also advised the company.
