HIG Capital has agreed to sell Celerion Holdings, Inc., a clinical pharmacology and contract research organization, to funds affiliated with THL Partners, the Miami-based firm announced April 22. Financial terms were not disclosed.
HIG Capital acquired Celerion in November 2022 and spent roughly three and a half years working with the company’s management team to expand its laboratory footprint and push growth across commercial, operational, and technology areas. Celerion is headquartered in Lincoln, Nebraska, and operates clinical and bioanalytical facilities in Lincoln, Phoenix, Zurich, and Belfast.
The company focuses on early-stage clinical trials for pharmaceutical and biotechnology clients, with particular depth in first-in-human dose escalation, cardiac safety studies, drug-drug interaction research, and other specialized pharmacology work that feeds into regulatory submissions. Its services extend to data management, biostatistics, and clinical monitoring across a global client base.
HIG Capital’s Role in Celerion’s Growth
Mike Gallagher, a managing director at HIG Capital, credited the Celerion team for what he described as industry-leading growth during the firm’s ownership period. “We are proud of what Celerion’s best-in-class team has accomplished during our partnership. The team has delivered industry-leading growth during our ownership, and we are confident it is uniquely positioned for its next chapter,” he said.
Michael Kuritzky, also a managing director at HIG Capital, added that the firm took particular pride in Celerion’s core mission. “We are very proud of the work Celerion does to help drug sponsors worldwide navigate the complexities of clinical trial management. It has been a privilege to partner with Susan and her team, and we look forward to Celerion’s continued success.”
Celerion President and CEO Susan Thornton said the partnership helped position the company for its next ownership phase. “HIG has been an exceptional partner to Celerion, helping us accelerate key strategic initiatives and invest meaningfully in our people, capabilities, and infrastructure,” Thornton said. “These efforts have strengthened our platform and enhanced the quality and consistency of outcomes we deliver to customers. We are excited to carry this momentum forward with THL.”
A Busy Period for HIG Capital Under New CEO Brian Schwartz
The Celerion announcement comes two weeks after HIG Capital named Brian Schwartz its chief executive officer, the first time the role has changed hands since co-founders Sami Mnaymneh and Tony Tamer launched the firm in 1993. Schwartz, who joined HIG Capital in 1994 and served as co-president for more than six years, takes over a platform managing $74 billion in capital. Mnaymneh and Tamer both transitioned to executive chairman roles and retained their investment committee seats.
Doug Berman, who led the U.S. private equity business, was simultaneously promoted to co-president alongside Rick Rosen. HIG Capital’s private equity strategy — the arm that owned Celerion — sits at the core of that business.
BofA Securities and Lazard Freres & Co. advised HIG Capital and Celerion on the transaction. McDermott Will & Schulte served as legal counsel. The deal is subject to customary closing conditions.
HIG Capital was founded in 1993 by Mnaymneh, who serves as Founder and Executive Chairman, and Tamer, who serves as Founder and Executive Chairman. The firm invests across middle-market buyout equity, direct lending, real estate, and infrastructure from offices in the U.S., Europe, Latin America, the Middle East, and Asia.
