October 6, 2022

New York, NY, October 6, 2022 – NMS Capital (“NMS”) portfolio company Flourish Research (“Flourish”) announced today that it has partnered with company management in the recapitalization of Keystone Clinical Studies, LLC (“Keystone”). Keystone is a leading clinical research site focused on Alzheimer’s Disease and other conditions related to the Central Nervous System. The site was founded in 2003 by Dr. Cherian Verghese, who will continue to lead the organization. The transaction marks the fifth investment and partnership for Flourish Research, which was formed last year. Terms of the transaction were not disclosed.

Headquartered in Plymouth Meeting, PA, Keystone is a clinical research site focused on Alzheimer’s Disease and other neurodegenerative conditions. The Company has established itself as a market leading site in recent years, gaining share in the Greater Philadelphia Area as well as a national reputation for excellence in clinical research. Keystone has been a valued source for CNS-focused clinical research and has developed deep relationships with sponsor customers, gaining strong revenue momentum in recent years. Dr. Verghese, a psychiatrist by training and a founding member of the CNS Summit, has spent more than 30 years focused on conducting clinical research and will assist with Flourish’s future strategy in this therapeutic area. Dr. Verghese and the current management team will continue in their roles leading Keystone after the acquisition.

Dr. Cherian Verghese, Founder and CEO of Keystone said “Among the potential partners that we met, Flourish stood out for their vision, reputation, and operational excellence. We believe we can add significant value to the Flourish platform by enhancing their CNS capabilities and collaborating with the existing sites. I am looking forward to working with Flourish’s executive team to accelerate growth at Keystone and across the Flourish platform.”

Reinhold Schulz, CEO of Flourish Research, commented, “The Keystone partnership was exactly what we were looking for in terms of entering a new market in Philadelphia as well as expanding our CNS capabilities, which is one of Flourish’s focus areas. We have been spending significant time on integration within the existing Flourish sites for the last several months and are thrilled to announce this new partnership. I am excited to continue growing Flourish into a national market leader within the clinical research site space.”

Cantor Fitzgerald & Co. served as financial advisor and McDermott Will & Emery provided legal advice to Flourish and NMS. Quadriga Partners served as financial advisor to Keystone.

About Flourish Research

Flourish Research is a leading clinical trial site network currently consisting of Clinical Trials of Texas, Excel Medical Clinical Trials, Great Lakes Clinical Trials, Clinical Site Partners, and Keystone Clinical Studies with locations throughout Florida, Illinois, Pennsylvania, and Texas. The Company provides patient recruitment services and clinical trial services to support the development of new medication and medical devices. Flourish has conducted over 3,700 trials to date across more than 15 therapeutic areas and over 60 indications. Since its founding, Flourish has focused on performing the highest quality trials for sponsors and CROs and providing study participants with an exceptional clinical experience.

About NMS Capital

Founded in 2010, NMS Capital is an experienced private equity firm managing assets in excess of $1.4 billion. Since inception, NMS has partnered with management teams in over 100 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 website at www.nms-capital.com. Follow NMS Capital on www.linkedin.com/company/nms-capital.

For further information

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