Private equity firm Charterhouse Capital Partners portfolio company Mirion Technologies (Mirion) has entered into a Business Combination Agreement with GS Acquisition Holdings Corp II (GSAH), which would see the Company list on the New York Stock Exchange.
GSAH is a special purpose acquisition company sponsored by an affiliate of The Goldman Sachs Group, Inc.
Mirion is a global provider of radiation detection, measurement, monitoring and analysis equipment and services that customers rely on to protect their personnel and environment while delivering their services safely and efficiently. Mirion employs around 2,500 people globally, and generated approximately USD650 million in pro forma Adjusted Revenue in FY2020 (FYE 30 June). Upon closing of the transaction, Mirion will have an anticipated pro forma enterprise value of approximately USD2.6 billion, or 13.3x the company’s estimated CY22 pro forma Adjusted EBITDA of approximately USD192 million.
Charterhouse first invested in Mirion in 2015 and, during its ownership, has overseen a significant platform expansion and transformation of the business. Mirion acquired Canberra in 2016, which created the global market leader in the nuclear measurement industry and generated substantial synergies. Following the integration of this transaction, Charterhouse undertook a diversification strategy targeting the attractive and fast-growing medical space, through new product launches and the completion of six strategic medical acquisitions, the most recent of which, Sun Nuclear, completed in December 2020. As a result of these initiatives, approximately 44 per cent of the Company’s revenues are expected to come from the Medical and Labs end-markets in fiscal year 2021.
Upon completion, it is expected that, subject to GSAH shareholder redemptions, Charterhouse, alongside its co-investors will hold approximately 15 per cent of Mirion. The transaction is expected to close in the second half of 2021, subject to certain closing conditions, including regulatory approvals and approval of GSAH’s stockholders.
Tom Logan, CEO of Mirion Technologies, says: “Under Charterhouse’s ownership, Mirion has undergone a rapid transformation, expanding into new markets such as medical and life sciences, launching innovative new products such as Instadose, and executing transactions to extend its operations in nuclear measurement. I’d like to thank Charterhouse for their support in delivering our strategy over the past five years, and I will strive to continue to accelerate Mirion’s growth and expand its market-leading product innovation strategy in the years ahead.”
Chris Warren, Partner at Charterhouse, says: “Since 2015, Mirion has grown quickly to become a global leader in its markets and has diversified into new, attractive, and fast-growing sectors such as the medical and life sciences industries. We’ve been pleased to be able to support Mirion’s development during this period and the execution of its organic and inorganic growth strategy. We look forward to witnessing Mirion’s continued success as a publicly listed company.”
