Mitchell International, a leading provider of technology, connectivity and information solutions to the Property & Casualty (P&C) Claims and Collision Repair industries, announced that it has executed a definitive agreement with KKR whereby Aurora Capital Group will exit its equity position and transition ownership to KKR. Financial terms of the transaction were not disclosed.
Founded in 1946 and headquartered in San Diego, California, 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. With approximately 2,000 associates, Mitchell provides products that help businesses and individuals restore their lives and property, and it processes more than 50 million transactions annually for over 300 insurance companies and over 30,000 collision repair facilities worldwide. Mitchell solutions also assist clients to accurately and efficiently manage claims outcomes and are a critical driver of healthcare cost containment for its customers.
"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."
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