New York, NY, November 7, 2024 – NMS Capital (“NMS”), a leading private equity firm focused on investments within subsectors of Healthcare Services and Business Services, today announced that it has exited its investment in Flourish Research (“Flourish” or the “Company”) through a sale to Genstar Capital (“Genstar”). NMS formed Flourish, a leading multi-site clinical trial organization, in 2021 through its initial investment in Clinical Trials of Texas.
Flourish’s network of 24 sites and 150 investigators is a leading multi-site clinical trial organization focused on cardiovascular, metabolic, neuroscience, and infectious disease therapeutic areas among others, and conducts studies spanning all phases of clinical trial research. The Company is known for deep medical expertise in several therapeutic areas and a reliable, predictable, and timely patient recruitment experience. With best-in-class technology, quality, and operations systems, Flourish is well-positioned to best serve patients and its biopharma sponsor and CRO clients to advance clinical research in an efficient manner.
NMS’s investment in Flourish was the result of its thematic sourcing and approach to investing aimed at capturing tailwinds seen in pharmaceutical services, and specifically, a secular shift towards commercial sites and a need for specialized expertise within the clinical research site space. This coupled with NMS’s combined depth of pharma services and multi-site healthcare experience and its proven buy-and-build strategy allowed Flourish to accelerate execution against its investment thesis. During its ownership, NMS supported Flourish management through a significant infrastructure and technology build, the hiring of key management personnel, and execution and integration of eleven strategic acquisitions, growing revenue more than tenfold since formation.
Flourish’s Chief Executive Officer, Reinhold Schulz, commented “Flourish’s growth over the last three years is evidence of the unique value we provide to our biopharma and CRO clients. We executed our vision to build a differentiated platform through a depth of medical expertise, superior patient care and leading patient diversity. NMS has been a true partner in supporting us to achieve these goals.”
Luis Gonzalez, Senior Partner at NMS Capital, noted “Since partnering with Reinhold, the focus has been building Flourish into one of the most scaled and fully integrated multi-site clinical trial organizations through significant investment in centralized infrastructure and technology. The execution of our investment thesis and implementation of the NMS buy-and-build playbook allowed Flourish to acquire and enhance best-in-class sites throughout the US with an existing track record of recruiting and retaining a highly diversified patient base across key therapeutic indications. It has been an honor working with Reinhold and the Flourish management team, and I look forward to seeing the Company’s next chapter of growth with Genstar as its new partner.”
Jefferies and Cantor Fitzgerald & Co. served as financial advisors and McDermott Will & Emery provided legal counsel to Flourish and NMS. Houlihan Lokey served as financial advisor and Ropes & Gray LLP provided legal counsel to Genstar.
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 Alabama, California, Florida, Illinois, North Carolina, Pennsylvania, Maryland and Texas. For additional information on Flourish, please visit our website at https://flourishresearch.com/
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 150 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 successfully built 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 website at www.nms-capital.com. Follow NMS Capital on www.linkedin.com/company/nms-capital.
For further information:
For NMS Capital:
Jonathan Spero
Principal
(212) 574-7014
jspero@nms-capital.com