Radiation detection firm Mirion Technologies to go public

US-based Mirion Technologies, which makes radiation detection and measurement equipment for several sectors, including defence, plans to become a publicly traded company to fuel its growth.

Mirion intends to change its ownership status by merging with a special purpose acquisition company that is listed on the New York Stock Exchange. The combination is expected to be completed as early as 20 October.

According to an investor presentation, money raised from the transaction will reduce Mirion's debt, improving its ability to fund growth-related efforts, including acquisitions. Mirion has a “robust” acquisition pipeline with more than 100 potential targets, the presentation says.

Mirion, which is owned by UK private equity firm Charterhouse Capital Partners, is based in Atlanta, Georgia, and employs approximately 2,500 people. It generated revenue of approximately USD650 million in fiscal year 2020. Mirion CEO Thomas Logan, who founded the company in 2005, plans to continue running the business after the transaction closes.

Mirion's military products include radiation monitoring instruments that can be carried or worn by individuals or installed on aircraft, ground vehicles, or ships. Its products are also used in the medical, nuclear, and research markets.