Norwest Equity Partners Invests in Mitchell International
April 02, 2007
Minneapolis, Minnesota – Norwest Equity Partners (“NEP”) announced today its investment in Mitchell International, Inc. (“Mitchell” or “the Company”), a leading provider of information services, software and eBusiness solutions for the automotive insurance claims industry. The acquisition of Mitchell was led by Aurora Capital Group and includes other co-investors such as General Electric Pension Trust. The transaction closed on March 28, 2007.
As a leading provider of software and solutions to the $100 billion claims processing industry, Mitchell operates within two business segments: Auto Physical Damage (“APD”) and Auto Injury (“Medical”). All of the Company’s products address four principal drivers of auto and casualty claims performance: APD severity; Medical severity; minimizing Loss Adjustment Expense processing costs; and customer retention.
Founded in 1946 and headquartered in San Diego, California, Mitchell offers a comprehensive suite of products and services that are designed to assist automotive insurance carriers and their trading partners (collision repair shops) in efficiently managing auto accident claims. Over the years, Mitchell has grown to be North America’s largest provider of collision repair information, and in addition, Mitchell has emerged as the leading provider of auto injury claims solutions.
In APD, Mitchell employs a strategy focused on leveraging its core estimating product, UltraMate™, a proprietary auto claim database containing millions of auto parts, labor times and vehicle configurations, to serve as the foothold within a customer’s claims process. Mitchell facilitates millions of electronic transactions between more than 16,000 business partners each month to enhance their productivity, profitability, and customer satisfaction levels.
NEP has been interested in identifying a market leader in applied technology with substantial recurring revenue and strong growth prospects. Tim Kuehl, a NEP partner and Mitchell board member, stated “We are excited to invest alongside Aurora and GE in this transaction. With a proven management team and business model, as well as a tremendous array of products and services to offer its existing and prospective customers, Mitchell is well-positioned for continued success.”
For more information, please visit www.mitchell.com.