H.I.G. Capital Exits Celerion in Strategic Sale to THL Partners — H.I.G. Capital, LLC

Event summary

H.I.G. Capital sold Celerion, a global clinical pharmacology-focused contract research organization (CRO), to THL Partners for an undisclosed amount.
H.I.G. acquired Celerion in November 2022 and expanded its clinical and bioanalytical laboratory footprint during its ownership.
Celerion operates facilities in Lincoln, Phoenix, Zurich, and Belfast, serving pharmaceutical and biotechnology clients globally.
BofA Securities and Lazard Frères advised H.I.G. on the transaction.

The big picture

H.I.G. Capital's exit from Celerion highlights the ongoing consolidation and strategic realignment within the contract research organization (CRO) space. With $74 billion in assets under management, H.I.G.'s sale to THL Partners underscores the value of specialized clinical pharmacology services amid increasing demand for outsourced drug development solutions. The transaction also signals confidence in Celerion's ability to sustain growth under new ownership, despite competitive pressures in the biopharmaceutical services sector.

What we're watching

Strategic Fit: Whether THL Partners can leverage Celerion's specialized clinical pharmacology services to drive further growth in the competitive CRO market.
Execution Risk: The pace at which Celerion integrates under new ownership and maintains its momentum from H.I.G.'s strategic investments.
Market Dynamics: How the sale reflects broader trends in private equity exits within the clinical research organization sector.