June 30, 2017—Mitchell has announced the closing of a $70 million senior secured first lien term loan. The term loan is an add-on under Mitchell’s existing credit agreement.
Mitchell expects to use the proceeds of the term loan to pay down its revolver and continue its track record of investing in technologies and companies that drive better outcomes in the markets it serves. Mitchell seeks to simplify the claims handling process across the collision repair sector. The company’s expertise in data, technology and connectivity help its clients make better, more informed decisions at key points in the claims lifecycle.
“We are thrilled that investors continue to show confidence in us,” said Alex Sun, CEO of Mitchell. “Our ability to attract capital allows Mitchell to deliver on our mission to achieve better outcomes for our clients. We look forward to expanding and enhancing our capabilities to support our clients.”
