Mirion Technologies

Creating a global market leader through strategic M&A and operational initiatives

 In 2016, Charterhouse supported Mirion’s transformational acquisition of Canberra, the second largest global provider of nuclear measurement solutions (behind Mirion), which led to the creation of a clear #1 player in nuclear measurement. The acquisition generated around $30 million of net synergies across all divisions, created a global network of world-class sales and services teams and helped the company to expand its industrial and commercial footprint. Following the integration of Canberra, Charterhouse assisted Mirion’s dedicated M&A team in executing additional strategic acquisitions, including that of Sun Nuclear in 2020. The acquisition of Sun Nuclear helped to create a sizeable medical division, increasing Mirion’s diversification and realising significant cost synergies. Mirion’s strategic M&A activity, combined with the launch of new products such as Instadose® dosimeter, underpinned the expansion of its offering in medical and life sciences end markets.

With the support of Charterhouse, Mirion identified material ESG opportunities and ensured that regional management teams were responsible for ESG matters. Regarding the environment, Mirion formalised its environmental and health and safety procedures and implemented waste management and recycling initiatives at its largest sites. As part of its social initiatives, Mirion implemented an employee engagement project, RESPECT, which incorporated diversity and inclusion as part of Mirion’s values. Additionally, formal processes to assess the company’s talent base were established, identifying key employees, and tailoring bespoke retention and training programmes. On governance, the company’s Code of Ethics and Conduct defined new anti-bribery and anti-corruption policies which were issued in several languages to ensure compliance globally. Additionally, Mirion’s main manufacturing sites gained ISO 9001 certification and were routinely subject to inspections and audits by local regulatory authorities with regard to environmental, health and safety.

Under Charterhouse’s ownership, Mirion was transformed into the clear leader in its core markets, diversified by both end-market and geography. Through a combination of strategic acquisitions and operational initiatives, Mirion’s revenues increased from $251 million in the fiscal year ended June 30 2015 to $612 million in the fiscal year ended June 30 2021. In recognition of the substantial development of the business achieved under Charterhouse’s ownership, Mirion entered into a Business Combination Agreement with GS Acquisition Holdings Corp II (GSAH II), a special purpose acquisition company sponsored by an affiliate of The Goldman Sachs Group, which saw the company list on the New York Stock Exchange in October 2021. The transaction valued the company at an enterprise value of $2.6 billion.

Mirion’s transformation is a showcase of how Charterhouse’s ability to build close relationships with management teams, plan and execute buy-and-build strategies, and implement operational initiatives, come together in a powerful way to drive value creation.