Mitchell Secures New Investment from Private-Equity Firm Stone Point Capital
Connect with us
Close Sidebar Panel Open Sidebar Panel

News

Mitchell Secures New Investment from Private-Equity Firm Stone Point Capital

“Stone Point shares our vision for being a growth-oriented, customer-driven company built on strong values,” Mitchell CEO Alex Sun said.

Advertisement

Click Here to Read More
Advertisement

The private-equity firm Stone Point Capital is investing in Mitchell and buying out KKR and Elliott Management’s stake in the San Diego-based information provider, the companies announced.

“We have built our leadership position in the property and casualty and collision repair industries by investing in our people, products and services, and focusing on the value we deliver to our clients. Stone Point shares our vision for being a growth-oriented, customer-driven company built on strong values,” said Alex Sun, president and CEO of Mitchell. “We are extremely appreciative of the role KKR played in our growth over the years, and we are very excited about our partnership with Stone Point as we focus on Mitchell’s next phase of development. With Stone Point’s investment and experience, I look forward to maintaining our current strategic direction, continuing to grow across all our business segments and finding new ways to provide valuable, innovative solutions to our clients.”

Advertisement

As with most private-equity transactions, financial terms of the deal were not disclosed. The companies involved expect the deal to close in the second quarter.

“Mitchell is a well-established market leader in helping to ease the complexities of navigating the property and casualty insurance and collision repair ecosystems,” said Nick Zerbib, senior principal of Stone Point. “We share Mitchell’s vision of using the power of technology, expertise and connectivity to improve the efficiency and effectiveness of its clients. In partnership with Mitchell’s leadership team, we look forward to supporting Mitchell’s future growth plans as it continues to invest in its market-leading solutions and its customers.”

Mitchell CEO Alex Sun: “Stone Point shares our vision for being a growth-oriented, customer-driven company built on strong values.”

With more than 2,400 associates, Mitchell processes more than 1 billion transactions annually for more than 300 insurance providers, more than 65,000 pharmacies and 30,000 collision repair facilities worldwide, according to the company.

“We are proud of the partnership we had with Mitchell’s leadership team and the growth we have been a part of since our initial investment in 2013,” said Herald Chen, head of KKR’s Technology, Media & Telecom investment team. “Together, we expanded Mitchell’s market focus through organic investment in, and acquisition capital for, cloud estimatics, parts, diagnostics, specialty bill review, utilization review, pharmacy and other areas of focus for our key customers. Under the leadership of Alex Sun and the management team, Mitchell has successfully enhanced and expanded its products and services offerings through a strong commitment to deliver better outcomes to the claims and repair process.”

Advertisement
Click to comment
Connect
BodyShop Business