M&A Deal Summary

KKR Acquires Mitchell

On September 5, 2013, private equity firm KKR acquired software company Mitchell from Aurora Capital Partners and Norwest Equity Partners for 1.1B USD

Acquisition Highlights
  • This is KKR’s 4th transaction in the Software sector.
  • This is KKR’s 66th largest (disclosed) transaction.
  • This is KKR’s 59th transaction in the United States.
  • This is KKR’s 11th transaction in California.
Investment Fate
  • Mitchell was sold to a consortium of financial buyers in 2018.

M&A Deal Summary
Date 2013-09-05
Target Mitchell
Sector Software
Buyer(s) KKR
Sellers(s) Aurora Capital Partners
Norwest Equity Partners
Deal Type Secondary Buyout
Deal Value 1.1B USD
Advisor(s) Goldman Sachs
William Blair
Guggenheim Securities (Financial)

Target

Mitchell

San Diego, California, United States
website
Mitchell is a provider of information, workflow, and performance management solutions to the automotive insurance claims and collision repair industries. Mitchell was founded in 1946 and is based in San Diego, California.

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Buyer(S) 1

Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.

DEAL STATS #
Overall 128 of 428
Sector (Software) 4 of 19
Type (Secondary Buyout) 23 of 102
State (California) 11 of 41
Country (United States) 59 of 189
Year (2013) 11 of 21
Size (of disclosed) 66 of 94
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-20 RigNet

Houston, Texas, United States

RigNet, Inc. is a provider of managed communications, networks and collaborative applications dedicated to the oil and gas industry. RigNet provides solutions ranging from fully-managed voice and data networks to more advanced applications that include video conferencing and real-time data services to remote sites in over 30 countries on six continents, effectively spanning the drilling and production industry. RigNet was founded in 2000 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-27 PHCHD

Tokyo, Japan

PHCHD is a healthcare company, that develops, manufactures sells, and services medical equipment and solutions across diabetes care, diagnostics, life sciences, and healthcare IT. PHCHD was founded in 2014 and is based in Tokyo, Japan.

Buy $1.7B

Seller(S) 2

SELLER

Aurora Capital Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1991
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Aurora Capital Partners is a private investment firm that manages private equity funds as well as investment vehicles focused on debt/equity securities. Targeted businesses are generally industry leaders that operate in defensible markets with sustainable margins. Sectors of interest include aerospace, industrial products, and services, packaging, plastics, distribution, manufacturing, media, retail, and chemicals. Aurora will only consider majority/control positions. Aurora's investment horizon is typically three to seven years. Aurora Capital Partners was formed in 1991 and is based in Los Angeles, California.

DEAL STATS #
Overall 11 of 23
Sector (Software) 1 of 1
Type (Secondary Buyout) 4 of 11
State (California) 3 of 5
Country (United States) 11 of 22
Year (2013) 3 of 4
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-16 NTS

Anaheim, California, United States

NTS is a provider of product qualification testing, inspection, and certification services in North America. NTS serves the full range of performance-critical industries, including the civil aviation, space, defense, nuclear, telecommunications, and medical end markets. NTS was founded in 1961 and is based in Anaheim, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-22 Porex

Fairburn, Georgia, United States

Porex is a developer and manufacturer and distributor of porous plastic products. The company primarily serves the healtcare and surgical end markets, and also supports high-performance applications in the consumer and industrial sectors. Porex was founded in 1961 and is based in Fairburn, Georgia.

Sell -
SELLER

Norwest Equity Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1961
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Norwest Equity Partners (NEP) is a private equity firm focused on investing in growing and profitable middle-market companies. NEP targets investments in businesses valued between $50 and $500 million, typically investing $50 to $250 million of capital per investment. Funds are typically used to fund management buyouts, recapitalizations, and growth financing. Sectors of interest include manufacturing, distribution, healthcare, technology/business services, and consumer products/services. NEP is affiliated with Norwest Mezzanine Partners, an investment partnership focused on providing junior capital to middle-market companies. Norwest Equity Partners is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 24 of 50
Sector (Software) 3 of 3
Type (Secondary Buyout) 9 of 23
State (California) 3 of 6
Country (United States) 24 of 49
Year (2013) 2 of 3
Size (of disclosed) 2 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-21 Savage Arms

Westfield, Massachusetts, United States

Savage Arms is a manufacturer of hunting rifles and shotguns, delivering innovative products for more than 100 years. Savage Arms was formed in 1894 and is based in Westfield, Massachusetts.

Sell $315M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-14 Longwood Elastomers

Greensboro, North Carolina, United States

Longwood Industries, uses specialized knowledge and technological expertise to design and manufacture a variety of rubber, plastic and specialty products used in the automotive, railroad, food processors and marine industry sectors. Longwood’s quality-driven approach provides unmatched value to its customers along with cost-competitive solutions and dependable delivery.

Sell -
Mergr

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