M&A Deal Summary

Aurora Capital Partners and Norwest Equity Partners Acquire Mitchell

On March 28, 2007, private equity firms Aurora Capital Partners and Norwest Equity Partners acquired software company Mitchell from Hellman & Friedman, Wand Partners, JMI Equity and High Ridge Capital for 500M USD

Acquisition Highlights
  • This is Aurora Capital Partners’ 1st and Norwest Equity Partners’ 2nd transaction in the Software sector.
  • This is Aurora Capital Partners’ and Norwest Equity Partners’ 3rd largest (disclosed) transaction.
  • This is Aurora Capital Partners’ 9th and Norwest Equity Partners’ 24th transaction in the United States.
  • This is Aurora Capital Partners’ 2nd and Norwest Equity Partners’ 4th transaction in California.
Investment Fate
  • Mitchell was sold to a consortium of financial buyers in 2013 for 1.1B USD.
  • Mitchell was sold to a consortium of financial buyers in 2018.

M&A Deal Summary

Date 2007-03-28
Target Mitchell
Sector Software
Buyer(s) Aurora Capital Partners
Norwest Equity Partners
Sellers(s) Hellman & Friedman
Wand Partners
JMI Equity
High Ridge Capital
Deal Type Secondary Buyout
Deal Value 500M USD

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) 2

Buyer

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 9 of 37
Sector (Software) 1 of 1
Type (Secondary Buyout) 3 of 20
State (California) 2 of 7
Country (United States) 9 of 36
Year (2007) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-07 FleetPride

Irving, Texas, United States

FleetPride is an independent distributor of aftermarket heavy-duty truck and trailer parts in the United States. FleetPride was founded in 1975 and is based in Irving, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-29 NuCO2

Stuart, Florida, United States

NuCo2 is a supplier of liquid carbon dioxide (as opposed to carbon dioxide gas in cylinders) to retail establishments for carbonating and dispensing fountain beverages. It is also the only national supplier to this essentially noncyclical U.S. market.

Buy -
Buyer

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 $30 and $250 million, typically providing $50 to $500 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 and has office in New York City.


DEAL STATS #
Overall 24 of 73
Sector (Software) 2 of 4
Type (Secondary Buyout) 5 of 27
State (California) 4 of 7
Country (United States) 24 of 70
Year (2007) 1 of 3
Size (of disclosed) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-30 Production Services Associates

Buffalo Grove, Illinois, United States

Production Services Associates LLC is a designs, manufactures, and distributes plastic cards, offering turnkey solutions for gift, loyalty, membership, identification, promotional, and single source programs.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-04 Jacobson

Des Moines, Iowa, United States

Jacobson Companies is a national third party logistics (3PL) company offering end-to-end supply chain management solutions around the globe. Jacobson provides creative and technology-forward logistics solutions that lead to on-time deliveries, solving complex logistics and customs scenarios and reducing logistics costs for customers.

Sell -

Seller(S) 4

SELLER

Hellman & Friedman

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 50.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Hellman & Friedman (H&F) is a large private equity firm on the West Coast of the US. H&F focuses on control and minority investments in a variety of transaction structures and will consider opportunities across the US and Europe. H&F seeks buyouts and business in need of restructurings that operate in defensible markets with predictable revenue and earnings growth. Target sectors include financial services, healthcare, indusrial, energy, insurance, media, marketing, professional services, software, and information services. H&F's target equity investment size is $300 million to $1 billion. Hellman & Friedman was formed in 1984 and has offices in San Francisco, New York City, and London.


DEAL STATS #
Overall 13 of 59
Sector (Software) 2 of 9
Type (Secondary Buyout) 4 of 15
State (California) 2 of 8
Country (United States) 9 of 43
Year (2007) 2 of 3
Size (of disclosed) 16 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-23 UKG

Lowell, Massachusetts, United States

UKG is a provider of cloud-based workforce management solutions. Company solutions, which include time and labor, scheduling, talent management, human resources, payroll, absence management, labor activity tracking, data collection, self-service and workforce analytics are designed for a wide range of businesses and organizations from single-site to large multi-site enterprises. UKG was founded in 1977 and is based in Lowell, Massachusetts.

Buy $1.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-17 Catalina Marketing

St. Petersburg, Florida, United States

Catalina Marketing, Inc. is a provider of consumer-driven marketing solutions that drive lift and loyalty for the world’s leading CPG retailers and brands. Catalina personalizes the consumer’s path to purchase through mobile, online and in-store networks powered by the largest shopper history database in the world.

Buy $1.7B
SELLER

Wand Partners

New York, New York, United States

Investor Investor

website


Category Private Equity Firm
Founded 1985
Size Middle-Market
Type Sector Focused
DESCRIPTION

Wand Partners is a specialist private equity firm that targets investments in financial service companies. Prospective transactions include buyouts, expansion financings and venture investments in new companies. Specific areas of interest include property/casualty insurance and reinsurance; life insurance; insurance brokerage; commercial banking, specialty finance; investment banking; investment management; real estate finance; and technology/marketing services. The Firm's target transaction range is $50 to $500 million. Wand Partners was formed in 1985 and is based in New York City.


DEAL STATS #
Overall 12 of 14
Sector (Software) 1 of 2
Type (Secondary Buyout) 2 of 2
State (California) 2 of 3
Country (United States) 10 of 11
Year (2007) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-01 Republic Companies

Dallas, Texas, United States

Republic Companies, Inc. is an insurance company providing personal and commercial property and casualty insurance products to individuals and small to medium business primarily in Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-08-01 Paraline Group

Hamilton, Bermuda

Paraline Group, Ltd, a Bermuda-domiciled insurance and reinsurance holding company was established in August 2010. Its principal operating businesses are Asta Capital Limited and Paraline Re LTD, a Bermuda based reinsurer. Paraline Group

Buy -
SELLER

JMI Equity

La Jolla, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 7.5B USD
Size Mega
Type Sector Focused
DESCRIPTION

JMI Equity is a private equity firm focused on investments in software, internet, business service, and healthcare IT. Targeted businesses typically help automate and optimize business and information technology processes. The Firm will consider investments at all stages of development, including early-stage companies, self-funded businesses requiring growth capital, and later stage businesses in need of buyout or recapitalization funding. JMI looks to commit at least $10 million per transaction. JMI Equity was formed in 1992 and maintains offices in San Diego and Baltimore.


DEAL STATS #
Overall 28 of 105
Sector (Software) 18 of 54
Type (Secondary Buyout) 1 of 18
State (California) 5 of 18
Country (United States) 26 of 93
Year (2007) 1 of 4
Size (of disclosed) 12 of 34
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-23 UKG

Lowell, Massachusetts, United States

UKG is a provider of cloud-based workforce management solutions. Company solutions, which include time and labor, scheduling, talent management, human resources, payroll, absence management, labor activity tracking, data collection, self-service and workforce analytics are designed for a wide range of businesses and organizations from single-site to large multi-site enterprises. UKG was founded in 1977 and is based in Lowell, Massachusetts.

Buy $1.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-05 Seismic Micro-Technology

Houston, Texas, United States

Seismic Micro-Technology, Inc. is a provider of Windows-based geophysical and geological interpretation software for the upstream exploration and production (E&P) industry.

Buy -
SELLER

High Ridge Capital

New Canaan, Connecticut, United States

Investor

website


Category Private Equity Firm
Founded 1995
Size Small
Type Sector Focused
DESCRIPTION

High Ridge Capital is a private equity firm focused on the insurance sector. Specific areas of interest include insurance and reinsurance companies as well as insurance brokers, claims management companies, captive managers and other service providers. High Ridge will consider providing start-up capital, growth capital, acquisition financing, as well as funding recapitalizations. The Firm looks to commit up to $5 million per transaction. High Ridge was formed in 1995 and is based in New Canaan, Connecticut.


DEAL STATS #
Overall 3 of 3
Sector (Software) 1 of 1
Type (Secondary Buyout) 1 of 1
State (California) 1 of 1
Country (United States) 3 of 3
Year (2007) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-08-27 Front Royal

Morrisville, North Carolina, United States

Front Royal, Inc. is an insurance holding-company, owns and operates specialty niche insurance underwriters with particular expertise in the excess & surplus lines market and workers' compensation for targeted types of businesses.

Sell $165M