Flourish Research (NMS Capital-backed) Acquires Valley Clinical Trials

NMS-backed Flourish Research Recapitalizes Great Lakes Clinical Trials and Clinical Site Partners

January 12, 2022

Healthcare Services

NMS Capital portfolio company Flourish Research completed recapitalizations of Great Lakes Clinical Trials and Clinical Site Partners, expanding its multi-site clinical trial network across Illinois, Florida and Texas. The deals (terms undisclosed) add site capacity and management teams to Flourish Research as the platform pursues network consolidation, improved operational efficiencies and accelerated growth.

Flourish Research / NMS Capital Recapitalize Excel Medical Clinical Trials

October 14, 2021

Healthcare Services

NMS Capital portfolio company Flourish Research partnered with Excel Medical Clinical Trials in a recapitalization. The Boca Raton, Florida-based clinical research site, founded by Dr. Seth Baum and focused on cardiology indications, will join Flourish's site network to expand the platform's geographic footprint and therapeutic capabilities; terms were not disclosed and management will remain in place.

Flourish Research (NMS Capital) Recapitalizes Keystone Clinical Studies

October 6, 2022

Healthcare Services

Flourish Research, a portfolio company of NMS Capital, partnered with Keystone Clinical Studies' management in a recapitalization transaction. Keystone, a Plymouth Meeting, Pennsylvania-based clinical research site focused on Alzheimer’s disease and CNS conditions, will continue to be led by founder Dr. Cherian Verghese as part of the Flourish platform to expand CNS capabilities and enter the Philadelphia market.

NMS Capital Forms Flourish Research and Recapitalizes Clinical Trials of Texas

August 12, 2021

Healthcare Services

NMS Capital formed a new platform, Flourish Research, and completed a recapitalization of Clinical Trials of Texas (CTT) in partnership with founder Kay Scroggins and company management. The deal makes CTT the inaugural partner in a buy-and-build strategy to create a nationwide network of clinical research sites; CTT is headquartered in San Antonio, Texas, operates a 20,000+ sq. ft. facility and has conducted over 1,000 trials across more than 15 therapeutic areas.

Flourish Research Acquires Diablo Clinical Research

February 18, 2025

Healthcare Services

Flourish Research, a multi-site clinical trial organization headquartered in Apex, North Carolina, has acquired Diablo Clinical Research, a Walnut Creek, California-based clinical research facility established in 1995 that has conducted more than 1,000 phase I–IV trials and medical device studies. The add-on acquisition (Flourish is PE-backed by Genstar Capital) expands Flourish's geographic footprint and therapeutic-area capabilities, particularly in endocrinology, cardiovascular and metabolic research.

Flourish Research Invests in Valkyrie Clinical Trials

October 6, 2025

Healthcare Services

Flourish Research, a Genstar Capital-backed multi-site clinical trial organization, has made a strategic investment in Valkyrie Clinical Trials to establish a meaningful presence in oncology. Valkyrie, founded by Dr. David Berz and operating three sites in Los Angeles, will leverage Flourish's national network and infrastructure to accelerate oncology trial access and patient recruitment.