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09/2025

PARAGON ENERGY SOLUTIONS acquired by MIRION

UNITED STATES Industrial Equipment / Special Machinery / Instrumentation & Measurement EV 500M - 1.5b USD

Context

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 to the average currently observed in the Industry & Manufacturing sector (11.6x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Paragon Energy Solutions is a leading provider of highly engineered, safety-critical systems and solutions for the nuclear power industry. The firm specializes in the design, qualification, and manufacturing of critical instrumentation and control systems that support both the legacy operating nuclear fleet and the next generation of Small Modular Reactors (SMRs). Its core business model centers on commercial-grade dedication and qualification services, ensuring that vital nuclear parts meet rigorous safety and regulatory standards. With an extensive portfolio of over 20,000 proprietary parts and a team of specialized engineers, the firm serves as an essential link in the nuclear supply chain for OEMs, government agencies, and utility operators. The company’s value proposition is built upon its deep integration into the nuclear ecosystem, with its systems present in the vast majority of North American nuclear reactors. Paragon differentiates itself through its technical leadership in digital Reactor Protection Systems, providing mission-critical safety platforms that are essential for the ongoing digitalization of aging fleets. As the industry pivots toward the nuclear renaissance, the firm has positioned itself as an early mover in the SMR space, securing "designed-in" status with multiple well-capitalized SMR OEMs.

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Historical Financials (USD)

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2026
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REFERENCES

Valuation range: EV 500M - 1.5b USD

Revenue range: 100M - 200M USD

EBITDA range: 25M - 50M USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of PARAGON ENERGY SOLUTIONS by MIRION are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: paragon energy solutions

Acquirer: mirion