Mitchell International, a firm that develops insurance claims management software, is considering a sale that will peg its value between $2.5 billion to $3 billion, including debt.
It is owned by private equity firm KKR & Co. and has tapped Goldman Sachs and Morgan Stanley to provide advisory services on the transaction.
According to a report by The Wall Street Journal, Mitchell’s main market is comprised of auto repair shops that use its software to manage insurance claims and estimate repair costs, among other processes.
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Mitchell was founded as a garage start up in 1946 and provides extensive information on automobile part numbers, prices and descriptions to help find parts for body shops.
It has been under the helm of private equity firms for over a decade now. Aurora Capital Group and General Electric Pension Trust bought the company for $400 million in 2007 and flipped it to KKR in 2013.
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Insurance claims software provider mulling multibillion-dollar sale – reports
