H.I.G. Capital completed the sale of Celerion, a leading clinical‑pharmacology CRO, to funds linked to THL Partners for $1.8 bn. The transaction caps a busy exit streak for H.I.G.’s Advantage strategy, which has disposed of St. Croix and United Flow Technologies since Q4 2025. Combined, those deals represent more than $4.5 bn in enterprise value. The buyer aims to leverage Celerion's global footprint to fuel growth.

Celerion sits at the top of early‑stage clinical research, handling first‑in‑human to proof‑of‑concept studies plus bioanalysis, data management and drug‑development services for pharma and biotech clients across North America, Europe and Asia. Its sale underscores the appeal of high‑quality, differentiated North American operators that H.I.G. Advantage targets, offering investors clear market positions. The acquisition gives THL a platform to broaden its CRO portfolio in Europe.

The deal also highlights the depth of H.I.G.’s platform, which spans equity, credit, real estate and infrastructure and includes the listed BDC WhiteHorse Finance. With more than 400 historic investments and a current portfolio exceeding 100 companies generating over $53 bn in sales, the firm demonstrates its ability to return capital even in a tough exit market. Such scale reinforces its credibility with limited partners.