Mirion latest buyout-backed firm to seek IPO
Radiation detection provider Mirion Technologies Inc MION.O on Thursday became the latest private-equity backed company to file for an initial public offering, as more buyout firms try to unload some of their portfolio companies in the public markets.
Mirion has applied to raise up to $100 million in an IPO, according to a prospectus filed with the U.S. Securities and Exchange Commission.
San Ramon, California-based Mirion serves the nuclear, defense and medical markets and plans to use part of the IPO's proceeds to repay a loan from its owner, private equity firm American Capital Ltd, according to the filing.
Earlier this week, InfrastruX Group, backed by Tenaska Power Fund LP, a private equity fund that invests in power generation, filed for a $290 million IPO, and in the past eight days, two buyout-backed firms -- Avago Technologies Ltd and Emdeon Inc -- have gone public.
The Mirion filing did not set the terms of the IPO or give an indication of its expected timing.
Mirion said that in 2009, its products were installed at 88 percent of active nuclear power reactors globally.
Mirion was formed in 2005 through the merger of several companies held by American Capital but operated separately. The firm has never made a profit, and as of March 31, 2009, had an accumulated deficit of $102.9 million and negative working capital, according to the filing.
In the nine months ended March 31, 2009, Mirion had revenue of $143.5 million, up 1.1 percent from the year earlier period.
Mirion has applied to list its stock on Nasdaq's Global Market under the symbol MION.
The IPO's lead bookrunners will be Credit Suisse Bank of America Merrill Lynch and J.P. Morgan.
(Reporting by Phil Wahba; Editing by Richard Chang)
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