August 12, 2021

New York, NY, August 12, 2021 – NMS Capital (“NMS”) announced today that it has formed Flourish Research (“Flourish”), which will aim to become a leading, nationwide network of clinical research sites with therapeutic area and clinical trial phase diversity. For its initial investment in Flourish Research, NMS has completed the recapitalization of Clinical Trials of Texas (“CTT” or the “Company”) in partnership with Founder Kay Scroggins and Company management. Terms of the transaction were not disclosed.

The clinical research site industry represents a ~$21 billion market globally. The highly fragmented market (~80,000 sites globally) conducts nearly 400,000 studies annually and the largest player comprises less than 2% of the market. With COVID-19 only highlighting the importance of clinical research and related trials, site operators stand to benefit from the recurring demand in their areas of ocus, which CTT has been able to effectively address across several therapeutic areas and patient populations.

Headquartered in San Antonio, TX, CTT is a clinical trial “super site” operating out of a 20,000+ square foot private facility in San Antonio, TX. The Company has performed over 1,000 trials to date across more than 15 therapeutic areas and over 50 indications. Since its founding in 2001, CTT’s focus has been to provide the highest quality trial experience for sponsors and CROs alike, while also ensuring a world- class clinical experience for patients.

Kay Scroggins, Founder and CEO of CTT stated “With extensive experience in the pharmaceutical services space and its commitment to a partnership approach, NMS will be instrumental in helping Flourish become an industry leading site network. CTT is thrilled to be the first partnership of this exciting new platform. Partnering with NMS presents an opportunity for CTT and its employees to build upon the strong foundation already in place and ultimately allow us to accelerate growth. As a result of the partnership and the formation of Flourish, CTT will be able to expand the resources available to our patients and network of sponsor and CRO relationships alike.”

Luis Gonzalez, Partner at NMS, commented, “NMS has evaluated several opportunities within outsourced pharmaceutical services during the last few years and identified clinical research sites as a fast growing and fragmented market where we can implement our buy and build approach to investing in multi-site healthcare services companies. We are continuing our thematic investing approach with the formation of Flourish Research and are excited about our initial partnership with CTT. Expanding the site network, our therapeutic capabilities and continuing to focus on clinical excellence and quality data will increase the strategic importance to our sponsor and CRO partners.”

McDermott Will & Emery provided legal advice to NMS. Crosstree Capital Partners served as financial advisor and Benenanti Law provided legal advice to CTT.

About Clinical Trials of Texas:

Clinical Trials of Texas is a clinical trial “super site” with robust infrastructure and processes located in a 20,000+ square foot private facility in San Antonio, TX. CTT has conducted over 1,000 trials to date across more than 15 therapeutic areas and over 50 indications. Since its founding, CTT has focused on performing the highest quality trials for sponsors and CROs and providing patients with an exceptional clinical experience. For additional information on CTT, please visit the company’s website at

About NMS Capital:

NMS Capital is a New York headquartered private investment firm specializing in strategic equity investments and leveraged buyouts of lower middle-market companies. The firm was formed through the spin-out of a group of portfolio companies from Goldman Sachs’ Merchant Banking Division. NMS focuses on companies headquartered in the U.S. poised to benefit from sustainable growth trends with particular concentration on companies in Business Services and Healthcare Services. For additional information on NMS, please visit the firm’s website at

For further information

Jonathan Spero
Vice President
NMS Capital
(212) 574-7014