Global investment firm gains ownership of Mitchell International

Global investment firm KKR has entered an agreement to gain ownership of Mitchell International, a technology provider for the property and casualty claims and collision repair industries.

The agreement would see Aurora Capital Group exit its equity position and transition ownership of the San Diego-based company to KKR. Financial terms of the transaction were not disclosed.

With 2,000 associates, Mitchell processes more than 50 million transactions a year for more than 300 insurance companies and more than 30,000 collision repair facilities worldwide.

“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.”

Earlier this week, Mitchell also announced a strategic alliance with Guidewire, a leading core claims system provider to the P&C industry.

The transaction is subject to customary conditions to closing, including regulatory approval, and is expected to close in the fourth quarter.