Mirion Technologies Inc. ( MIR ) said Wednesday it agreed to buy Paragon Energy Solutions from Windjammer Capital Investors in a $585 million all-cash deal, expanding its offerings for nuclear power and small modular reactors (SMRs).

Paragon, based in Fort Worth, Texas, provides engineered components and digital reactor protection systems for every operating reactor in North America. The company is projected to generate about $150 million in revenue by 2026 and have profit margins above 20%.

Mirion ( MIR ) said the purchase will strengthen its position as a supplier to both the current nuclear fleet and the emerging SMR market. The company expects $10 million in cost and commercial synergies within five years. CEO Thomas Logan called the transaction a way to create a “best-in-class global supplier to the nuclear renaissance.”

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Paragon employs more than 100 engineers and manages a catalog of over 20,000 nuclear parts. Its services include commercial-grade dedication, component qualification, and inspection systems. CEO Doug VanTassell said joining Mirion ( MIR ) would strengthen supply chains and accelerate deployment of advanced nuclear projects.

The acquisition will be funded by a bridge loan arranged by Goldman Sachs. Long-term financing is expected to include a mix of equity and debt. Subject to regulatory approvals, the deal is slated to close by the end of 2025. Mirion ( MIR ) said the purchase will be accretive to earnings in the first full year.

The company also recently partnered with the International Atomic Energy Agency to enhance radiation safety worldwide, underscoring its push to expand beyond U.S. markets.

Mirion Technologies ( MIR ) held cash and cash equivalents of $262.6 million as of June 30, 2025.

Outlook

Mirion ( MIR ) has lowered its guidance for organic revenue growth for the fiscal year ending December 31, 2025, excluding contributions from its Paragon acquisition.

The company now expects organic revenue to increase roughly 4.5% to 6.0% year-over-year, down from its prior estimate of 5.0% to 7.0%.

Mirion ( MIR ) attributed the revision to several factors: softer demand in its Labs & Research segment, weaker China-related sales outside of the nuclear power sector, and the delayed timing of a planned defense dosimetry order in Europe.

Price Action: MIR shares are trading lower by 7.06% to $22.86 at last check Wednesday.

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