Mirion to acquire Paragon Energy Solutions for $585M, sees accretion

Mirion (MIR) has entered into a definitive agreement to acquire Paragon Energy Solutions from Windjammer Capital Investors for approximately $585M in cash. Paragon is expected to generate approximately $150M of revenue in 2026 with 20%-22% adjusted EBITDA margins. The purchase price represents approximately 18x Paragon’s expected 2026 estimated adjusted EBITDA. The acquisition is anticipated to be accretive to diluted EPS in the first full year post close. Additionally, the acquisition is anticipated to generate attractive annualized commercial and cost synergies of $10M by year five. The acquisition is supported by a fully committed bridge facility. Permanent financing is expected to include a mix of equity, debt or equity-linked financing with the goal of maintain a pro forma net debt / adjusted EBITDA ratio of approximately 3.5x or lower, with deleveraging expected in-line with long-term leverage targets. The transaction is expected to close before year end 2025, subject to customary closing conditions, including regulatory review.