H.I.G. Seeks Buyer for Celerion

Reporting: Armie Margaret Lee, Emily Fasold, Paola Aurisicchio, Aaron Weitzman H.I.G. Capital has launched a sale process for clinical research organization Celerion via Bank of America, according to industry sources. The process for Lincoln, Neb.-based Celerion is in the first round, sources said. Celerion provides clinical trial design, medical monitoring and bioanalytical services, among others, to pharmaceutical companies. The company generates EBITDA of about $130 million, according to sources. H.I.G. acquired Celerion from Court Square Capital Partners in 2022 in a transaction that reportedly valued the company in the mid-to-upper $600 million range. Several private lenders are among the holders of loans to Celerion Buyer Inc., according to Octus’ Private Credit Dashboard. Carlyle Credit Solutions and Carlyle Secured Lending, among others, hold a portion of a first lien loan to the company priced at SOFR+500 bps and set to mature in November 2029, according to the same database. Average pricing on senior direct lending facilities in the broad healthcare sector tightened by 40 bps to SOFR+506 bps in the third quarter of the year, according to Octus’ Private Credit Dashboard. Recent sale processes in the pharmaceuticals, biotechnologies and life sciences sectors include Permira-backed company Cambrex and QHP Capital-backed company Bend[...]