American Capital Ltd. said Wednesday it sold Mirion Technologies Inc. to Charterhouse Capital Partners LLP for $750 million. San Ramon, California-based Mirion provides radiation detection, measurement, analysis and monitoring products and services to the nuclear power, medical, military and homeland security markets. American Capital said it realized a 21 percent compounded annual return over the life of the investments, while the blended return on senior debt, subordinated debt and equity totaled a 17 percent compounded annual return.
BETHESDA, Md., April 8, 2015 /PRNewswire/ — American Capital, Ltd. (Nasdaq: ACAS) announced today that Mirion Technologies, Inc. (“Mirion”) was sold to Charterhouse Capital Partners, LLP for $750 million. Mirion is a global provider of radiation detection, measurement, analysis and monitoring products and services to the nuclear power, medical, military and homeland security markets.
Mirion was created in December 2005 through the merger of portfolio companies synOdys, Global Dosimetry Solutions (GDS) and Imaging and Sensing Technology (IST). Following the merger, the three companies were realigned into the current five business segments: the Sensing Systems Division, the Imaging Systems Division, the Radiation Monitoring Systems Division, the Dosimetry Services Division and the Health Physics Division. Headquartered in San Ramon, CA, Mirion has 13 facilities across North America,Europe and Asia and employs more than 1,000 people.
David Steinglass, Partner, American Capital Equity III, said, “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.”
“The sale of Mirion represents a successful conclusion to our long-standing relationship with American Capital and its affiliated funds,” said Mirion Chairman & CEO Thomas 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 to integrate those platform companies and have seen the combined business grow into a truly global market leader,” noted Dustin Smith, Managing Director, American Capital.
The original investments were made by American Capital. In 2006, 2007 and 2014 American Capital sold 30%, 12% and 58% of its equity interests to American Capital Equity I, American Capital Equity II and American Capital Equity III, respectively. The equity investment by American Capital and its affiliated funds realized a 21% compounded annual return over the life of the investments and the blended return on senior debt, subordinated debt and equity totaled a 17% compounded annual return. American Capital Asset Management, a wholly-owned subsidiary of American Capital, managed these investments on behalf of these three private equity funds under fee and profit sharing arrangements.
ABOUT AMERICAN CAPITAL EQUITY III, LP
American Capital Equity III, LP (“ACE III”) is a $1.1 billion private equity fund focused on acquiring control equity positions in companies with $5 to $25 million of EBITDA. ACE III is managed by a subsidiary of American Capital Asset Management, LLC, which is wholly owned by American Capital, Ltd., and based in Bethesda, MD. For more information, please refer to www.acequity.com.
ABOUT AMERICAN CAPITAL
American Capital, Ltd. (Nasdaq: ACAS) is a publicly traded private equity firm and global asset manager. American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate, energy & infrastructure and structured products. American Capital manages $22 billion of assets, including assets on its balance sheet and fee earning assets under management by affiliated managers, with $86 billion of total assets under management (including levered assets). Through a wholly-owned affiliate, American Capital manages publicly traded American Capital Agency Corp. (Nasdaq: AGNC), American Capital Mortgage Investment Corp. (Nasdaq: MTGE) and American Capital Senior Floating, Ltd. (Nasdaq: ACSF) with approximately $11 billion of total net book value. From its eight offices in the U.S., Europe and Asia, American Capital and its wholly-owned affiliate, European Capital, will consider investment opportunities from $10 million to $600 million. For further information, please refer to www.americancapital.com.