“Mitchell is a well-established market leader in helping to ease the complexities of navigating the Property and Casualty insurance and collision repair ecosystems,” said Nick Zerbib, Senior Principal of Stone Point. “We share Mitchell’s vision of using the power of technology, expertise and connectivity to improve the efficiency and effectiveness of its clients. In partnership with Mitchell’s leadership team, we look forward to supporting Mitchell’s future growth plans as it continues to invest in its market-leading solutions and its customers,” continued Zerbib.
“We are proud of the partnership we had with Mitchell’s leadership team and the growth we have been a part of since our initial investment in 2013. Together, we expanded Mitchell’s market focus through organic investment in, and acquisition capital for, cloud estimatics, parts, diagnostics, specialty bill review, utilization review, pharmacy and other areas of focus for our key customers,” said Herald Chen, Head of KKR’s Technology, Media & Telecom investment team. “Under the leadership of Alex Sun and the management team, Mitchell has successfully enhanced and expanded its products and services offerings through a strong commitment to deliver better outcomes to the claims and repair process.”
Founded in 1946 and headquartered in San Diego, California, Mitchell delivers smart technology solutions that simplify and accelerate claims handling, repair processes, and pharmacy transactions, driving more accurate, consistent and cost-effective resolutions. With over 2,400 associates, Mitchell provides solutions that help businesses and individuals restore their lives and property, processing more than one billion transactions annually for over 300 insurance providers, over 65,000 pharmacies and 30,000 collision repair facilities worldwide.
Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC served as the financial advisors to Mitchell. Three Ocean Partners also advised the company. Simpson Thacher & Barlett LLP served as legal advisors to Mitchell and KKR. Kramer Levin Naftalis & Frankel LLP served as legal advisor to Stone Point. The deal is expected to close in the second quarter of 2018 subject to customary closing conditions. Financial terms of the transaction were not disclosed.