American Capital has sold its portfolio company Mirion Technologies to Charterhouse Capital Partners for $750 million. Mirion is a provider of radiation detection, measurement, analysis and monitoring products to the nuclear power, medical, military and homeland security markets.
Mirion was created in December 2005 through the merger of three American Capital portfolio companies: synOdys, Global Dosimetry Solutions, and Imaging and Sensing Technology. Following the merger, Mirion was then aligned into five operating divisions – Sensing Systems Division, Imaging Systems Division, Radiation Monitoring Systems Division, Dosimetry Services Division and Health Physics Division. The company has 13 facilities across North America, Europe and Asia and has more than 1000 employees. Mirion is led by Chairman & CEO Thomas Logan and is headquartered in San Ramon, CA (www.mirion.com).
The equity investment by American Capital in Mirion resulted in a 21% compounded annual return and the blended compounded annual return on senior debt, subordinated debt and equity was 17%. “The sale of Mirion represents a successful conclusion to our long-standing relationship with American Capital,” said Mr. Logan. “We are pleased to have created significant value for our shareholders and we are grateful for their support, partnership and camaraderie over the past decade.”
“Mirion has been a long-term project at American Capital since we made the first investments in 2003 in three small nuclear equipment companies. We worked closely with Tom Logan to integrate those platform companies and have seen the combined business grow into a global market leader,” said Dustin Smith, Managing Director, American Capital.
“This is the second exit for American Capital Equity III and represents a terrific outcome for all of our investors. We wish the management team all the best in their new partnership with Charterhouse,” said David Steinglass, an American Capital Partner.
American Capital (NASDAQ: ACAS) is a publicly traded private equity firm and asset manager that originates, underwrites and manages investments of $10 million to $600 million in lower and middle market private equity, leveraged finance, real estate and structured products. Acquired companies typically have from $5 million to $25 million of EBITDA. Founded in 1986, American Capital has $86 billion in total assets under management and has eight offices in the US, Europe and Asia. The firm is headquartered in Bethesda (www.AmericanCapital.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 4-9-15