Contact Information: Contacts: For Mitchell International Alex Sun President and Chief Financial Officer 800-238-9111 x8880 Email Contact For Aurora Capital Group Gerald L. Parsky Chairman 310-551-0101 Email Contact
Investment Group Led by Aurora Capital to Acquire Mitchell International; Reaffirms Commitment to Innovation and World-Class Customer Service
| Source: Mitchell International
SAN DIEGO, CA -- (MARKET WIRE) -- February 15, 2007 -- Mitchell International, Inc., a leading
provider of information, workflow, and performance management solutions to
the automotive insurance claims and collision repair industries, announced
today that it has signed a definitive agreement to sell the company to an
investment group led by Aurora Capital Group and including General Electric
Pension Trust.
"Mitchell has enjoyed an excellent partnership over the past seven years
with its current shareholder group, led by Hellman & Friedman LLC," said
James D. Lindner, Chairman of the Board and Chief Executive Officer. "Over
this period we have enjoyed industry-leading revenue and profit growth, but
more importantly, have been successful in delivering market-leading
solutions developed through the tireless efforts of our many dedicated
employees. In addition, we have reinforced our outstanding reputation as a
company that can serve its customers with integrity and a firm commitment
to product innovation and world-class customer service. It is gratifying
that Aurora Capital and GE Pension Trust recognize what we have
accomplished and are wholly supportive of our vision for the future."
"Aurora Capital and GE Pension have been long time investment partners with
tremendous capital resources and an unfailing commitment to seeking out
great companies and providing the necessary support to further their
strategic goals. Mitchell remains deeply committed to the markets we serve
and our ability to invest in our customers, products and people has never
been greater. We have developed a unique breadth of auto property and
casualty and collision repair solutions and recognize the importance of
continually adding value for our customers -- look for more great things to
come," added Alex Sun, President of Mitchell.
"Mitchell International not only has a storied and well recognized brand in
the collision repair market but in recent years has emerged as the dominant
provider of auto injury claims solutions," said Gerald L. Parsky, Chairman
of Aurora Capital. "They have an impressive roster of customers and have
invested in building a rich pipeline of promising new products. We very
much look forward to partnering with Jim, Alex and the entire Mitchell
management team to grow the business and continue their success in
delivering valued products and services to their customers. As our
partner, Mitchell will have an opportunity to draw upon our many years of
operating experience growing and nurturing great companies. Led by
Lawrence A. Bossidy, former Chairman and Chief Executive Officer of
Honeywell International, Aurora's investment advisory board is an
invaluable resource that can assist in analyzing investment opportunities
and further enhancing company strategy."
"We believe there are significant opportunities to grow and even enhance
Mitchell's growth trajectory by working with management to execute its
established business plan," added John T. Mapes, Partner of Aurora Capital.
The transaction is expected to close in March 2007 pending customary
conditions and certain regulatory approvals.
Goldman, Sachs & Co. and Wachovia Securities, Inc. acted as financial
advisors to the Company. Goldman Sachs Credit Partners L.P. will be the
sole lead in obtaining financing for the transaction.
About Mitchell International, Inc.
Mitchell International is a leading provider of information, workflow, and
performance management solutions to the automotive insurance claims
industry, serving carriers, collision repair facilities, and other
commercial participants in the physical damage and auto-related medical
claims markets. Mitchell facilitates millions of electronic transactions
between more than 16,000 business partners each month to enhance their
productivity, profitability, and customer satisfaction levels. For more
information on Mitchell International, visit its Web site at
www.mitchell.com.
About Aurora Capital Group
Aurora Capital Group is a Los Angeles-based investment firm formed in 1991
that acquires and builds companies in partnership with operating
management. The Firm currently manages approximately $2 billion in capital
and is committed to investing in companies with unique, defensible market
positions. Aurora is dedicated to generating long-term value principally
through investing the time and resources necessary to enhance the
fundamentals of each of its businesses. For more information on Aurora
Capital Group, visit its Web site at www.auroracap.com.