H.I.G. Capital announced the completion of the sale of Celerion Holdings to funds affiliated with THL Partners in a transaction valued at approximately $1.8 billion.
Celerion is a leading clinical pharmacology-focused contract research organization serving pharmaceutical and biotechnology companies worldwide. The company provides early-stage clinical research services through a global network of facilities spanning North America, Europe, and Asia, offering capabilities ranging from first-in-human studies to proof-of-concept trials, as well as bioanalytical laboratory services, data management, biometrics, and drug development support.
The transaction marks the latest successful exit from H.I.G.‘s Advantage strategy and follows the firm’s sales of St. Croix and United Flow Technologies since the fourth quarter of 2025. Combined, the three transactions represent more than $4.5 billion in aggregate enterprise value.
H.I.G. Advantage focuses on investing in established, industry-leading North American businesses with differentiated value propositions. The strategy seeks to identify high-quality companies and accelerate growth through operational improvements and strategic initiatives.
According to H.I.G., the recent exits demonstrate the platform’s ability to generate liquidity and returns for investors despite a challenging environment for mergers and acquisitions and private equity exits.
Founded in 1993, H.I.G. Capital manages approximately $75 billion in capital and has invested in more than 400 companies globally. The firm’s current portfolio includes over 100 companies with combined annual revenue exceeding $53 billion.
The company said the sale of Celerion highlights its approach of partnering closely with management teams and deploying operational and strategic resources to create value over the course of ownership.
Celerion operates as a specialized provider of clinical research services and has established itself as a category leader within the pharmaceutical industry. The company supports drug development programs for pharmaceutical and biotechnology clients through a comprehensive suite of early clinical research capabilities.
KEY QUOTE:
“The Celerion transaction is a direct reflection of what H.I.G. does best: identifying exceptional businesses in specialized markets, bringing our full operational and strategic resources to bear, and partnering closely with management to execute against a clear vision. The closing is a compelling outcome for our investors and a validation of H.I.G.’s approach to value creation. We are proud of what we built with Celerion and have positioned it exceptionally well for its next chapter. Combined with the exits of St. Croix and United Flow Technologies, H.I.G. Advantage has demonstrated its ability to return meaningful capital to investors, even amid a challenging exit environment.”
Matt Hankins and Rahul Vinnakota, Co-Heads of H.I.G. Advantage
