H.I.G. Capital Exits Celerion for $1.8B, Capping $4.5B in Advantage Strategy Exits

Event summary

  • H.I.G. Capital sold Celerion to THL Partners for $1.8 billion on June 15, 2026.
  • The exit follows the sales of St. Croix and United Flow Technologies since Q4 2025, totaling $4.5 billion in exits for H.I.G.'s Advantage strategy.
  • Celerion is a global clinical pharmacology-focused contract research organization.
  • H.I.G. Advantage targets established, high-quality North American companies.

The big picture

H.I.G. Capital's successful exit of Celerion underscores its ability to identify and scale specialized businesses, even in a challenging exit environment. The $4.5 billion in exits from its Advantage strategy since late 2025 highlights the firm's disciplined approach to value creation in the middle market. This transaction also reflects ongoing consolidation in the clinical research sector, as private equity firms seek to capitalize on the growing demand for outsourced drug development services.

What we're watching

Exit Momentum
Whether H.I.G. can sustain this pace of high-value exits amid broader market challenges.
Portfolio Strategy
How H.I.G. will allocate the returned capital from these exits to new investments.
Industry Consolidation
The impact of THL Partners' acquisition of Celerion on the competitive landscape of clinical research organizations.

Related topics

Pharmaceuticals