Mirion has entered into a definitive agreement to acquire Paragon Energy Solutions from Windjammer Capital Investors in a 100% buyout transaction executed on a cash-free, debt-free basis. The transaction is fully supported by a committed bridge facility, with permanent financing anticipated to be structured through a strategic combination of equity, debt, or equity-linked instruments to optimize the pro-forma balance sheet. The acquisition significantly enhances Mirion’s exposure to the "nuclear renaissance." By integrating Paragon, Mirion creates a broader, more comprehensive suite of offerings for nuclear power customers, extending its reach from radiation monitoring into critical reactor instrumentation and control systems. The combination is highly complementary: Mirion’s global scale provides a platform to export Paragon’s North American-centric portfolio to international markets. Furthermore, the deal solidifies Mirion’s participation in the high-growth SMR market, where Paragon has established an early-mover advantage with key OEMs.

PARAGON ENERGY SOLUTIONS, which reported an EBITDA margin of LOGIN in 2026, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the average currently observed in the Industry & Manufacturing sector (10.9x).

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