Mirion Technologies closed its acquisition of Paragon Energy Solutions on December 1, 2025, paying approximately $585 million in cash. The deal follows Paragon’s November 2021 sale to Windjammer Capital Investors and brings a company that supplies engineered safety systems for large‑scale nuclear plants and small modular reactors into Mirion’s Nuclear & Safety Group.
The acquisition is a strategic fit that positions Mirion to capture the growing “nuclear renaissance.” Paragon’s solutions are already installed in every North American reactor, and its product line—electrical, sensor, HVAC, instrumentation, controls, mechanical and flow components—complements Mirion’s existing radiation monitoring and dosimetry offerings. By combining the two companies, Mirion can offer a fully integrated safety‑critical portfolio to U.S. utilities and SMR developers, strengthening its foothold in a market expected to expand as new reactors come online.
Financially, Paragon is projected to generate about $150 million in revenue for fiscal 2026 with an adjusted EBITDA margin of 20‑22%. The transaction is expected to be accretive to Mirion’s diluted EPS in the first full year after closing. Management anticipates commercial and cost synergies of roughly $10 million per year after five years, driven by cross‑selling opportunities and shared manufacturing and engineering resources. The purchase was financed with a bridge loan and a long‑term debt facility that will be refinanced once Paragon’s cash flows mature.
Integration will place Paragon’s engineering teams and product lines under Mirion’s Nuclear & Safety Group, creating a single point of contact for utilities seeking end‑to‑end safety solutions. The combined entity will leverage Mirion’s global sales network to accelerate Paragon’s market penetration, while Paragon’s expertise will broaden Mirion’s product depth in HVAC, power management and flow control—areas that are critical for SMR design and operation.
Thomas D. Logan, Mirion’s Chair and CEO, said the deal “builds on our commitment to detection, measurement and analysis of ionizing radiation and expands our presence in the U.S. nuclear market at a generational inflection point.” Paragon President Doug VanTassell added that the partnership “strengthens the global supply chain needed to upgrade the operating fleet and bring the next generation of SMRs online.” Both executives highlighted the complementary capabilities and the opportunity to accelerate the deployment of advanced safety systems.
Mirion had recently revised its 2025 organic revenue growth guidance downward to 4.5‑6.0% from 5.0‑7.0% after noting weaker demand in the Labs & Research segment, reduced orders from China, and delays in defense dosimetry contracts in Europe. The Paragon acquisition is expected to offset these headwinds by adding a stable, high‑margin revenue stream and by providing a platform for future growth in SMR markets.
Paragon employs roughly 228 professionals across two continents, with a core engineering team of over 100 skilled specialists. The expanded workforce will enhance Mirion’s R&D capabilities and support the integration of Paragon’s product lines into Mirion’s global supply chain.
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