May 18, 2023

New York, NY, May 18, 2023 – NMS Capital (“NMS”) portfolio company Flourish Research (“Flourish” or the “Company”) announced today that it has partnered with company management in the recapitalizations of AMC Research, LLC (“AMC”) and Central Research Associates (“CRA”), which are both leading clinical research sites that further establish Flourish as one of the largest integrated clinical research site companies in the U.S. Terms of the transactions were not disclosed.

AMC was founded by Dr. Reza Bolouri and is based in Charlotte, North Carolina. Dr. Bolouri has been core to AMC’s success with more than 20 years of clinical research experience in Alzheimer’s and related dementias. AMC will provide Flourish with additional scale in its existing Alzheimer’s Center of Excellence and access to a new and densely patient populated market in Charlotte, North Carolina.

Dr. Boulori stated, “Through this partnership, we can add value to the Flourish platform by augmenting their already existing Alzheimer’s capabilities and we will gain extra resources
and support which will help us scale and accelerate growth.”

Dr. William Whitley founded CRA in 2016, a research site conducting Phase II-IV clinical trials across various therapeutic areas. The site is located on the campus of St. Vincent’s Hospital in Birmingham, Alabama. CRA has consistently grown revenue over the past few years and is a leading national enroller in vaccine studies. CRA will provide Flourish with additional scale in its existing cardiology/metabolic/renal Center of Excellence as well as pediatrics, orthopedics and woman’s health capabilities.

Dr. Whitley commented, “My team and I are thrilled to have the opportunity to partner with NMS and Flourish Research. We look forward to working with the team at Flourish and the growth that we can achieve together in the future.”

Reinhold Schulz, CEO of Flourish Research, stated, “We are confident that both AMC and CRA will be great additions to our growing network. Both partnerships will augment our existing capabilities and allow us to expand into new markets as we continue our journey to become a leader in clinical site services with a focus on diverse and underserved patient populations.”

Healthwatch Partners LLC served as financial advisor to AMC and Cassel Salpeter & Co. served as financial advisor to CRA. McDermott Will & Emery provided legal advice to NMS and Flourish Research.

About Flourish Research:
Flourish Research was founded to address the highly fragmented clinical trial site market. By acquiring and fully integrating best-in-class sites, Flourish provides a unique opportunity to serve sponsors and CROs with increased speed and efficiency across a variety of therapeutic areas and indications, while offering a single point of entry to multiple sites. Flourish currently has locations in Florida, Illinois, Pennsylvania, Texas, North Carolina and Alabama. For additional information on Flourish, please visit our website at

About NMS Capital:
Founded in 2010, NMS Capital is an experienced private equity firm managing assets in excess of $1.5 billion. Since inception, NMS has partnered with management teams in over 115 investments and follow-on acquisitions across defined investment themes within the Business Services and Healthcare Services industries. The firm’s principal strategy is to create long-term value by providing strategic and operational resources to growth-oriented companies led by founders or experienced management teams. NMS has a track record of successfully building industry leading lower middle market companies in defensible and scalable end markets by accelerating organic and acquisition-driven growth.

For additional information on NMS, please visit the firm’s portfolio page. Follow NMS Capital on

For further information:
Jonathan Spero
Vice President
NMS Capital

Julie Jackson
Senior Associate
NMS Capital