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THL Partners acquires Celerion Holdings, a global clinical pharmacology CRO, from H.I.G. Capital to expand services and global reach. Read more.
THL Partners has entered into a definitive agreement to acquire a majority stake in Celerion Holdings, Inc., a leading global contract research organisation (CRO) specialising in clinical pharmacology and bioanalytical sciences, from H.I.G. Capital — announced on April 22, 2026. The transaction values Celerion at approximately $1.8 billion, representing a multiple of roughly 12x the company’s $150 million of EBITDA.
The deal marks a significant exit for H.I.G. Capital, which acquired Celerion in November 2022 and partnered closely with management over the ownership period to accelerate growth and strengthen the company’s market position. Under H.I.G.’s stewardship, Celerion benefited from strategic investments across commercial, operational, and technology initiatives, with a particular focus on expanding its clinical and bioanalytical laboratory footprint.
Celerion is recognised for its expertise in first-in-human dose escalation, cardiac safety (TQT) studies, drug-drug interaction trials, and other complex clinical pharmacology work supporting regulatory approval and drug labelling. The company operates an integrated clinical and laboratory services platform across four key facilities — Lincoln, Nebraska; Phoenix; Zurich; and Belfast — offering a comprehensive suite of services including data management, biostatistics, and clinical monitoring for pharmaceutical and biotechnology clients worldwide.
For THL Partners, a private equity firm with a deep focus on healthcare investments, the acquisition adds a specialised, high-growth asset to its healthcare portfolio. The deal is expected to enhance Celerion’s service breadth and geographic reach, particularly across the United States, Europe, and Northern Ireland, with potential expansion into additional global pharmaceutical hubs. Susan Thornton, President and CEO of Celerion, described H.I.G. as an exceptional partner that helped accelerate key strategic initiatives and investments in people, capabilities, and infrastructure — noting the team’s excitement to carry this momentum forward under THL’s ownership. Mike Gallagher, Managing Director at H.I.G., highlighted the team’s industry-leading growth during the partnership and expressed confidence that Celerion is uniquely positioned for its next chapter.
The transaction comes at a moment of renewed private equity interest in pharma services, as biotech funding rebounds and more complex drugs reach the market — trends that favour specialist CROs with deep clinical pharmacology capabilities. The deal is expected to generate synergies through cross-selling opportunities, operational efficiencies, and enhanced technology adoption, particularly in clinical trial monitoring and data management. BofA Securities and Lazard Frères served as financial advisors, with McDermott Will & Schulte serving as legal counsel to H.I.G. and Celerion.
Looking ahead, THL plans to invest in scaling Celerion’s infrastructure, expanding its client base across emerging biotech and global pharmaceutical markets, and driving margin improvements through cost rationalisation and operational excellence — positioning the business to capitalise on accelerating consolidation in the CRO sector.
Celerion is a global contract research organisation specialising in clinical pharmacology and bioanalytical sciences, with integrated clinical and laboratory facilities in Lincoln, Nebraska; Phoenix; Zurich; and Belfast. The company serves pharmaceutical and biotechnology clients worldwide with expertise in first-in-human trials, cardiac safety studies, drug-drug interaction studies, data management, biostatistics, and clinical monitoring.
THL Partners is a leading private equity firm with a strong focus on healthcare investments. The firm partners with management teams to build durable, high-performing businesses across its portfolio.
H.I.G. Capital is a global alternative investment firm with significant experience in mid-market private equity, credit, and real estate. H.I.G. acquired Celerion in November 2022 and supported the company’s transformation into an industry-leading clinical pharmacology CRO over its ownership period.
