| NEW YORK
NEW YORK Aug 19 KKR & Co LP and Warburg
Pincus LLC are among the private equity firms competing for
Mitchell International Inc, a car and property claims software
company that could fetch up to $1.5 billion, according to four
people familiar with the matter.
Advent International Corp and Blackstone Group LP are
also participating in the auction for Mitchell, which is in the
second round of bidding, the sources said on condition of
anonymity because the process is confidential.
Owned by buyout firm Aurora Capital Group, Mitchell has
annual earnings before interest, tax, depreciation and
amortization (EBITDA) of about $90 million, the sources said.
Aurora, Warburg Pincus, Advent International and Blackstone
declined to comment. Mitchell and KKR did not respond to a
request for comment.
Founded in 1946, San Diego, California-based Mitchell
provides information and software services to insurance
companies and collision repair facilities, which rely on the
company's information to estimate labor times and the cost of
Joined by investors that included General Electric Pension
Trust, Aurora acquired Mitchell in 2007 from private
equity peer Hellman & Friedman LLC for an undisclosed amount.
The North American market for software and services designed
to automate the auto insurance claims process is dominated by a
few players - Mitchell, CCC Information Services Inc, and Solera
Holdings Inc - according to Standard & Poor's Ratings
In January, Leonard Green & Partners LP, another buyout
firm, acquired CCC from Investcorp, one of the Middle
East's largest private equity houses, for more than $550
Aurora has hired Goldman Sachs Group Inc to explore a
sale of Mitchell International, people familiar with the matter
told Reuters in April.