Less than three weeks into Brian Schwartz’s tenure as chief executive officer, HIG Capital announced the sale of Celerion Holdings, a contract research organization it has owned since late 2022. The buyer is THL Partners. No purchase price was disclosed.
Schwartz was named CEO on April 7, succeeding co-founder Sami Mnaymneh, who moved to executive chairman alongside fellow co-founder Tony Tamer. The Celerion transaction, announced April 22, marks one of the first portfolio exits under his watch — though the deal was almost certainly in process before the leadership change took effect.
What Celerion Does and Why HIG Capital Bought It
Celerion occupies a specialized corner of the contract research market: early-phase clinical pharmacology. Pharmaceutical and biotechnology companies hire it to run first-in-human dose escalation trials, cardiac safety studies, and drug-drug interaction research — the work that happens before larger Phase II and III trials begin. Celerion also provides bioanalytical laboratory services, data management, and biostatistics support.
HIG Capital acquired the Lincoln, Nebraska-based company in November 2022. During its three-plus years of ownership, the firm backed expansion of Celerion’s clinical and bioanalytical laboratory facilities and supported investment across commercial, operational, and technology functions. Celerion now operates from four locations: Lincoln, Phoenix, Zurich, and Belfast.
Susan Thornton, Celerion’s president and CEO, pointed to tangible progress from the partnership. “HIG has been an exceptional partner to Celerion, helping us accelerate key strategic initiatives and invest meaningfully in our people, capabilities, and infrastructure,” she said. “These efforts have strengthened our platform and enhanced the quality and consistency of outcomes we deliver to customers.”
HIG Capital’s Leadership Bench Behind the Transaction
Managing Director Mike Gallagher, who oversaw the Celerion investment at HIG Capital, described the outcome as a reflection of the portfolio company’s own execution. “The team has delivered industry-leading growth during our ownership, and we are confident it is uniquely positioned for its next chapter,” he said. Managing Director Michael Kuritzky echoed that view, saying the firm was proud of Celerion’s work helping drug sponsors manage clinical trial complexity.
The transaction gives THL Partners a clinical pharmacology platform with a global footprint and a specialized service mix that sits upstream of larger, more commoditized CRO work. For HIG Capital, it represents a completed investment cycle from a firm that co-founder Mnaymneh and Tamer built from a single Miami office in 1993 into a $74 billion platform spanning private equity, credit, real estate, and infrastructure.
Schwartz, who spent more than six years as co-president before his CEO appointment, sat on investment committees for every HIG Capital fund during that period — including the private equity vehicles that held Celerion. Doug Berman, promoted to co-president alongside Rick Rosen as part of the same leadership transition, led the U.S. private equity franchise where the Celerion investment originated.
BofA Securities and Lazard Freres & Co. acted as financial advisors to HIG Capital and Celerion. McDermott Will & Schulte provided legal counsel. Closing remains subject to standard regulatory and contractual conditions.
