BWXT to sell medical business for $800M

Fortune 1000 nuclear components and fuel manufacturer BWX Technologies on Monday announced it has entered an agreement to sell its medical business to Swedish healthcare investor Nordic Capital for up to $800 million.

The transaction, expected to close by the end of the year, includes BWXT Medical and Kinectrics’ stable medical isotopes business. The transaction is subject to customary regulatory approvals.

Headquartered in Lynchburg, BWXT has approximately 11,000 employees and 19 manufacturing facilities globally. It reported more than $3.19 billion in 2025 revenue, up 18% from 2024.

BWXT said the sale to Nordic Capital will allow it to focus its resources and capital on its core nuclear national security and commercial nuclear power businesses. The sale would also allow Nordic Capital to expand capabilities and advance its market presence in radiopharmaceuticals, including developing, manufacturing and delivering products for diagnostic imaging and radiotherapeutic treatments.

“We are excited about the next step as Nordic Capital sees significant potential to scale the business and expand access to cutting-edge radiopharmaceutical therapy,” said Nordic Capital Advisors Partner Christian Hedegaard in a statement. “Nordic Capital has a long track record of successful investments across both pharmaceuticals and life sciences, and radiopharmaceuticals sit squarely at the intersection of the two.”

BWXT will maintain a minority ownership stake in the divested business, with the company saying it “remains bullish on long-term growth in the radiopharmaceutical market.”

“Since acquiring the medical business in 2018, we have roughly tripled revenue, improved profitability and significantly expanded the product portfolio, including novel therapeutic isotopes,” BWXT President and CEO Rex D. Geveden said in a statement. “As the business enters its next phase, this transaction provides an opportunity for the medical team to grow under an owner deeply committed to the healthcare sector, as we concentrate management resources and capital on our core businesses in nuclear national security and nuclear power.”

In July, BWXT acquired Pennsylvania-based manufacturer Precision Components Group for $200 million, adding more than 500,000 square feet of U.S. heavy manufacturing capacity and a workforce of more than 450 employees.

Founded in 1989, Stockholm-based Nordic Capital is a private equity firm with about €39 billion in assets under management and investments across healthcare, technology, financial services and industrial businesses.