New York, NY, October 14, 2021 – NMS Capital (“NMS”) portfolio company Flourish Research (“Flourish”) announced today that it has partnered with company management in the recapitalization of Excel Medical Clinical Trials, LLC (“Excel”). Excel is a leading clinical research site focused on Cardiology and related conditions serving leading pharmaceutical companies and CROs founded in 2016 by Cardiologist Dr. Seth Baum. The transaction marks the second investment and partnership for Flourish Research after its initial investment in Clinical Trials of Texas (“CTT”) in partnership with Kay Scroggins in August 2021. Terms of the transaction were not disclosed.
Headquartered in Boca Raton, FL, Excel is a clinical research site focused on Cardiology and related indications. The Company was founded in 2016 and has established itself as a market leading site in the years since. Excel has been a trusted source for clinical research since inception and has developed deep relationships with both sponsor and CRO customers, gaining strong revenue momentum in recent years. Dr. Baum, an interventional cardiologist and electrophysiologist has spent the last 20 years focused on clinical lipidology and preventive cardiology. He has authored over 100 peer-reviewed publications in prominent medical journals such as the New England Journal of Medicine, Lancet, and JAMA. A past President of the American Society for Preventive Cardiology, clinical affiliate professor of Cardiology at the Schmidt College of Medicine, and member of key medical boards and scientific councils, he has earned his reputation as a national key opinion leader within Cardiology. Dr. Baum and the current management team will continue in their role leading Excel Medical after the acquisition.
Dr. Seth Baum, Founder and CEO of Excel stated “I am thrilled to be partnering with Flourish Research and I am ready to continue focusing on growth at Excel Medical. We believe we are a strong complement to CTT and were intrigued by the opportunity that joining Flourish presents. Entering on the ground floor of a growing site network presents a great opportunity for myself and the rest of the Excel team.”
Luis Gonzalez, Partner at NMS, commented, “The Excel partnership expands our geographic footprint and complements our therapeutic areas of focus by bringing many years of Cardiology expertise to the platform. Following the CTT transaction with the Excel Medical partnership validates the consolidation opportunity that exists in the space and represents an important step to solidifying Flourish Research as a leading integrated site network providing its partners the highest level of clinical trial data. We are thrilled to partner with Dr. Baum and welcome him and Excel management to the Flourish Research team.”
McDermott Will & Emery provided legal advice and Crosstree Capital Partners served as financial advisor to NMS and Flourish Research. J2 Advisors provided legal advice to Excel.
About Flourish Research
Flourish Research is a leading clinical trial site network currently consisting of Clinical Trials of Texas and Excel Medical Clinical Trials with locations in San Antonio, TX and Boca Raton, FL. Flourish has conducted over 1,100 trials to date across more than 15 therapeutic areas and over 55 indications. Since its founding, Flourish has focused on performing the highest quality trials for sponsors and CROs and providing patients with an exceptional clinical experience. Flourish Research is a leading clinical trial site network currently consisting of Clinical Trials of Texas and Excel Medical Clinical Trials with locations in San Antonio, TX and Boca Raton, FL. Flourish has conducted over 1,100 trials to date across more than 15 therapeutic areas and over 55 indications. Since its founding, Flourish has focused on performing the highest quality trials for sponsors and CROs and providing patients with an exceptional clinical experience.
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 Healthcare Services and Business Services. For additional information on NMS, please visit the firm’s website at www.nms-capital.com
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