September 15, 2023

New York, NY, September 15, 2023 – NMS Capital (“NMS”) portfolio company Flourish Research (“Flourish”) is pleased to announce the acquisition of Valley Clinical Trials (“Valley” or the “Company”). Valley is a leading clinical research site with three locations in California that specialize in cardiology, metabolic, and related therapeutic areas. The partnership represents the ninth acquisition since the formation of Flourish in 2021. Terms of the transaction were not disclosed.

Founded by Julie Toven, Dr. Christopher Chow, and Dr. Masoud Azizad in 2010, Valley has rapidly grown into a leading multi-site clinical trials company serving a broad and diverse population of patients in Los Angeles County. Julie and the current management team will continue in their roles at Valley after the acquisition.

Julie Toven, Founder and CEO of Valley, noted, “We are thrilled by the opportunity to partner with Flourish Research and look forward to collaborating with the broader platform and the synergies that we can unlock by working together.”

Reinhold Schulz, CEO of Flourish Research, commented, “We were very impressed by Valley’s brand as well as knowledge and experience that they will bring to Flourish. This partnership will allow us to expand our presence into California and augment our existing therapeutic Center of Excellence in cardiology and related disease states. We are excited to partner with Julie and all of her partners and colleagues at Valley.”

Luis Gonzalez, Partner at NMS Capital, said, “The partnership with Valley is strategic on multiple fronts, it represents Flourish’s entry to the west coast, strengthens our competencies in a key indication, and builds on our focus of serving diverse populations.”

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, and Texas. 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 $1.4 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 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 Follow NMS Capital on

For further information:
Jonathan Spero
Vice President