SOURCE: Mitchell International

February 15, 2007 16:07 ET

Investment Group Led by Aurora Capital to Acquire Mitchell International; Reaffirms Commitment to Innovation and World-Class Customer Service

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.

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