January 12, 2022

New York, NY, January 12, 2022 – NMS Capital (“NMS”) portfolio company Flourish Research (“Flourish” or the “Company”) announced today that it has partnered with company management in the recapitalizations of Great Lakes Clinical Trials (“Great Lakes”) and Clinical Site Partners (“CSP”), which are both leading clinical research sites. The transactions mark the third and fourth partnership for Flourish Research after its initial investments in Clinical Trials of Texas (“CTT”) and Excel Medical Clinical Trials (“Excel”) in July and October of 2021, respectively. Terms of both transactions were not disclosed.

Flourish Research now represents one of the industry’s most diversified and fully integrated research networks, across more than 60 indications, with a primary therapeutic focus on vaccines, cardiology, metabolic disorders, neurology, rare diseases and respiratory conditions. The network maintains capabilities across Phases I-IV and includes pediatric through adult populations. The network has more than 55 inpatient beds and all sites within Flourish Research have industry leading participant recruitment and retention statistics. Flourish will work to continue providing an outstanding experience for both its study participants and its customers while achieving operational efficiencies across all key departments.

CSP was founded in 2003 by leading pulmonologist Dr. Faisal A. Fakih, and Co-Founder Ana T. Marquez. It has since expanded to three sites located throughout Florida, allowing it access to the state’s diverse population. CSP maintains a focus on respiratory, sleep, COVID-19, nephrology, and vaccine-related research. The business has built deep relationships amongst pharmaceutical sponsors and CROs, demonstrated by a track record of strong revenue growth and an ability to enter and serve new therapeutic areas. Ana T. Marquez, Co-Founder and CEO, and Dr. Faisal A. Fakih, Co-Founder and Medical Director, have been core to CSP’s success with a combined 38 years of experience in clinical research. The current management team will continue in their roles leading CSP.

Ana T. Marquez, Co-Founder and CEO of Clinical Site Partners stated “I am confident that the partnership with NMS and Flourish Research is the ideal next step for CSP in its continuing evolution. The resources that we will now be able to access through this partnership will accelerate our growth trajectory. Our existing relationship with Clinical Trials of Texas was certainly a highlight of this opportunity and after we met the NMS team, we knew that we wanted to become a part of Flourish Research. Dr. Fakih and I are looking forward to seeing all that we can achieve in the future.”

Founded in 2013 by industry veteran, Steve Satek, Great Lakes is a diversified site network with four locations throughout the Chicago area. Great Lakes conducts studies across therapeutic areas with a focus on Alzheimer’s Disease, psychiatry, vaccines and nutrition-related research. Great Lakes has been a trusted source for clinical research since its inception and has developed deep relationships with both sponsor and CRO customers, resulting in a consistent track record of growth. Mr. Satek and his team have driven Great Lakes’ success with decades of experience in the clinical research space. The current management team will continue in their roles leading Great Lakes.

Steve Satek, Founder and CEO of Great Lakes Clinical Trials stated “Since first meeting with Flourish Research management and NMS, this felt like the right partnership for Great Lakes. I have known the team at Clinical Trials of Texas for several years and think very highly of their organization. We are excited to partner with them, Excel Medical and CSP to further accelerate the growth of Flourish. My team and I remain invigorated to continue providing an outstanding experience for our patients and customers.”

Luis Gonzalez, Partner at NMS, commented, “After the initial close of Clinical Trials of Texas, we sat down with management to identify other sites that would be a great fit in our network. Both Great Lakes and CSP were at the top of that list, so we are thrilled to welcome them to Flourish Research. These organizations will position Flourish Research for future growth through the addition of strong management, operational best practices and new customer relationships. Only six months into our investment, we have tripled the revenue of the business and are excited about the future.”

Crosstree Capital served as financial advisor and McDermott Will & Emery provided legal advice to NMS and Flourish Research.

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 and Clinical Site Partners. The Company has sites throughout Florida, Illinois and Texas. 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

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 www.nms-capital.com.

For further information

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