Charterhouse Capital Partners-backed Mirion begins trading on the NYSE
October 21, 2021
Charterhouse Capital Partners LLP (“Charterhouse”), one of the longest established private equity firms operating in Europe, today announces that Mirion Technologies Inc. (“Mirion” or “the Company”) has closed its previously announced business combination with GS Acquisition Holdings Corp II (“GSAH”). Mirion’s common stock and warrants commenced trading on the New York Stock Exchange (“NYSE”) on 21 October 2021, under the ticker symbols “MIR” and “MIRW”, respectively.
The transaction raised approximately $604 million from GSAH trust proceeds, $900 million from a fully committed common stock private placement (PIPE) and $830 million from a senior secured term loan financing. A portion of the proceeds will be used to pay $1.3 billion to existing Mirion stockholders, to refinance approximately $909 million of existing Mirion third-party debt and to pay certain transaction expenses. Following completion, Charterhouse holds approximately 12% of Mirion’s common stock.
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. Charterhouse invested in Mirion in 2015 and since then revenues have increased from $251m in the fiscal year ended June 30, 2015 to $612m in the fiscal year ended June 30, 2021. In 2016, Mirion became the global market leader in nuclear measurement with the acquisition of Canberra, complemented by an expansion into the medical and life sciences end markets via six strategic acquisitions, including that of Sun Nuclear in 2020, and the launch of new products such as Instadose® dosimeters. As a result of these initiatives, approximately 44% of the Company’s pro forma adjusted revenues came from the Medical and Labs end-markets in the fiscal year ended June 30, 2021.
Tom Logan, CEO of Mirion Technologies, commented:
“We are thrilled to embark upon our next chapter as a public company, and to continue to lead the market in radiation solutions and services. This transaction allows us to continue to execute on our strategic growth plans by expanding our product suite across the industrial technology and medical segments and further executing on our robust acquisition pipeline. I would like to thank Charterhouse for their support in the transformation of Mirion in recent years and look forward to our continued success as a public company.”
Chris Warren, Partner at Charterhouse, remarked:
“Mirion’s robust growth in recent years is a testament to the dedication of the whole Mirion team. Having become the global leader in nuclear measurement, and following its strategic expansion into medical and life sciences, Mirion is well-positioned to capitalise on a wide range of additional growth opportunities. We look forward to seeing Mirion’s continued development and further accomplishments in years to come and wish Tom and his team the best of luck.”
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