By Jarrett Banks
A Goldman Sachs special purpose acquisition company will buy radiation detection company Mirion Technologies Inc. from London-based buyout veterans Charterhouse Capital Partners, Mirion said in a statement.
The deal values Mirion at about $2.6 billion, or 13.3 times the company’s estimated 2022 adjusted EBITDA of approximately $192 million, the statement said. The SPAC, GS Acquisition Holdings Corp. II (NYSE:GSAH), raised $750 million in its June 2020 initial public offering.
The transaction includes a $900 million PIPE, with participation from Janus Henderson Investors, Fidelity Management & Research Co. LLC, funds and accounts managed by BlackRock, Neuberger Berman funds, including a $200 million anchor investment from Goldman.
Mirion focuses on radiation measurement technologies globally, including applications in nuclear power, health care, homeland security and the military. Larry Kingsley, former CEO of Pall Corp. and IDEX Corp., will become chairman, the statement said.
The past two years saw the expansion of Mirion’s medical footprint via a number of strategic acquisitions. Mirion announced in January that it was buying Sun Nuclear, which manages quality assurance for radiation treatments at cancer centers. It acquired calibration technology firm Capintec Inc. last year. In 2018, it purchased Nuclear Research & Consultancy Group’s dosimetry unit, which makes products used to measure workers’ radiation exposure.
The first Goldman SPAC completed a $5 billion merger last year with Vertiv Holdings Co., after raising $600 million in an initial public offering in 2018. Vertiv is run by former Honeywell CEO David Cote, who Goldman partnered with and then looked for a deal. Going forward Goldman was said to be looking to find the best deals and then leverage their network to find the best executive to partner with.
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Jarrett Banks, Editor-at-Large