Mitchell International, which owns National Auto Glass Specifications (NAGS), announced that global investment firm KKR has purchased Mitchell. “This will not have any impact to NAGS or the management team at Mitchell,” says Bud Oliver, director of product operations at Mitchell.
The terms of the transaction were not disclosed. The deal is expected to close in the fourth quarter and is subject to regulatory approval.
KKR is a leading global investment firm with $83.5 billion in assets under management as of June 30, 2013. KKR’s specialty is technology, according to officials. It has invested in companies spanning a broad range of segments, including software, hardware, Internet, digital media, information services and outsourced support services to corporate and public sector customers. It is publically traded on the New York Stock Exchange as “KKR.” It was founded in 1976 and led by Henry Kravis and George Roberts.
“We have built Mitchell into a great company by investing in our products, people and infrastructure,” says Alex Sun, Mitchell’s president and CEO. “KKR shares our vision of being a growth-oriented, customer-driven company built on strong values.
“This is an exciting time for Mitchell and I am extremely appreciative of Aurora’s support over the years. We are excited to work with KKR on Mitchell’s next phase of growth and development as we maintain focus on empowering our clients to deliver the best possible outcomes. We believe KKR’s capabilities in technology and health care, both domestically and internationally, will enable us to find new ways to provide valuable and innovative solutions to our clients,” he adds.
Herald Chen, co-head of KKR’s technology investing group, says, “We believe that Mitchell represents an attractive investment in a market leader in an important market segment.”
KKR was advised by Bank of America Merrill Lynch and Three Ocean Partners on the transaction. Goldman, Sachs & Co. served as the lead financial advisor for Mitchell. William Blair & Co. and Guggeheim Securities also advised the company.
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