Celerion will receive a majority investment from THL Partners, according to an April 22 press release from THL. The investment will support Celerion’s continued growth, expanding its clinical and bioanalytical capabilities and advancing its work to help pharmaceutical and biotechnology partners bring new therapies to patients worldwide.
Based in Lincoln, Nebraska, Celerion is a clinical research organization that provides comprehensive clinical trial solutions to pharmaceutical and biotechnology clients conducting early clinical research throughout North America, Europe and Asia. The company was previously acquired by leading global private equity and alternative assets investment firm H.I.G. Capital in November 2022.
THL Partners is a private equity firm investing in middle-market growth companies exclusively within three sectors: healthcare, financial technology & services and technology & business solutions. Since 1974, THL has raised more than $35 billion of equity capital, invested in upwards of 170 companies and completed more than 600 add-on acquisitions representing an aggregate enterprise value at acquisition of more than $250 billion.
THL will invest in Celerion through its flagship Fund IX. The transaction is expected to close in 2026, subject to customary closing conditions. An exact purchase price has not been disclosed, but according to reporting from Axios, two sources familiar with the deal have indicated that the transaction valued Celerion at around 12x its $150 million EBITDA.
According to data captured in the LevinPro HC database, this transaction represents the 30th Life Sciences R&D acquisition of the year, as well as the 14th in the contract research organization (CRO) subsector. There were 84 Life Sciences R&D deals announced in 2025, including 18 CRO deals. In 2024, there were 92 Life Sciences R&D and 35 CRO transactions announced.
