Mirion buys Paragon from Windjammer to strengthen nuclear supply.

Mirion Technologies, Inc. (NYSE: MIR) has agreed to acquire Paragon Energy Solutions, the Fort Worth‑based specialist in engineered electrical, instrumentation and HVAC systems for nuclear power plants and small modular reactors (SMRs). The deal brings Paragon’s component and systems expertise into Mirion’s broader nuclear‑services platform and signals continued consolidation in a multi‑billion‑dollar nuclear supply chain.

Paragon, backed until now by private equity, had been owned by Windjammer Capital Investors since November 2021. Under that ownership, management and Windjammer prioritised channel expansion, broadened the product mix for operating reactors and accelerated development of SMR‑focused technologies — moves that buyers said made Paragon an attractive strategic fit.

Douglas VanTassell, Paragon’s CEO, described the tie‑up as a chance to scale faster: the combination gives Paragon access to Mirion’s international footprint and service channels while preserving the business’s engineering focus on safety‑critical systems. Windjammer partners Rob Quandt and Jeff Miehe applauded the outcome, noting the transaction reflects the firm’s playbook of building technical niche leaders. Windjammer manages more than $3 billion in committed capital for control equity strategies.

For Mirion, the acquisition deepens its inventory of components essential to both legacy nuclear plants and next‑generation SMRs: electrical distribution, sensors and power management, instrumentation and controls, HVAC and mechanical flow elements. Analysts tracking the sector highlight rising government support for nuclear as a low‑carbon baseload solution and growing SMR project pipelines; many expect services and components to expand at a double‑digit CAGR as deployment plans accelerate.

Operationally, the tie‑up creates immediate cross‑selling potential — Mirion can now offer Paragon’s engineered hardware alongside its radiation detection and monitoring portfolio to reactor operators and SMR developers. The combined offering could shorten procurement cycles and simplify vendor relationships for utilities navigating complex licensing and supply‑chain requirements.

Financial and legal advisers on the transaction were disclosed by the seller: Baird and Moelis & Company LLC served as financial advisors to Windjammer, and legal counsel was provided by Kirkland & Ellis. No purchase price was announced.