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Flourish Research Announces Strategic Majority Investment from Genstar Capital

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Investment to bolster leading multi-site clinical trial organization to further scale across therapeutic areas and geographies

APEX, N.C. and SAN FRANCISCO, September 18, 2024-- Flourish Research ("Flourish" or the "Company"), an NMS Capital portfolio company and leading multi-site clinical trial organization focused on cardiovascular, metabolic, neuroscience, and infectious disease therapeutic areas among others, today announced a strategic majority investment from Genstar Capital ("Genstar"), a leading private equity firm focused on investments in targeted segments of the healthcare, financial services, software, and industrials industries.

Headquartered in Apex, NC, Flourish's network of 24 sites and 150 investigators conducts studies spanning all phases of clinical trial research. The Company is known for deep medical expertise in several therapeutic areas and a reliable, predictable, and timely patient recruitment experience. With best-in-class technology, quality, and operations systems, Flourish is well-positioned to best serve patients and its biopharma sponsor and CRO clients to advance clinical research in an efficient manner.

Reinhold Schulz, Chief Executive Officer of Flourish Research, said, "Flourish owns and operates multiple clinical trial sites across the US that are leaders in scientific and medical expertise. With industry-leading data analytics, harmonized tools and systems, Flourish provides a unique opportunity to serve our clients with increased speed, quality, and meaningful patient diversity. With the support and investment from NMS Capital, we created a platform that is truly differentiated and equipped to scale to a global company, and our new partnership with Genstar will bolster this next phase of growth as we continue to advance the health and wellness of society through clinical trials."

Scott Niehaus, Director at Genstar Capital, commented, "We have been following Flourish's transformation for years and are proud to partner with its management team on the next chapter of growth. Sites are mission critical to the successful execution of clinical trials. Flourish is differentiated for its deep bench of scientific and clinical experts in high-growth therapeutic areas, its geographic footprint and commitment to patient diversity, and industry leading technology providing unmatched operational visibility. We are very excited to begin our partnership with Reinhold and his team and invest in the tremendous organic and inorganic growth opportunity for Flourish in the years ahead."

Luis Gonzalez, Senior Partner and Head of Healthcare at NMS Capital, added, "Since partnering with Reinhold, the focus has been building Flourish into one of the most scaled and fully integrated multi-site clinical trial organizations through significant investment in centralized infrastructure and technology. This focus and investment allowed Flourish to acquire best-in-class sites throughout the US with an existing track record of recruiting and retaining a highly diversified patient base across key therapeutic indications and further enhance those capabilities. It has been an honor working with Reinhold and the Flourish management team, and I look forward to seeing the Company's next chapter of growth with Genstar as its new partner."

Jefferies LLC served as lead financial advisor and McDermott Will & Emery provided legal counsel to Flourish. Cantor Fitzgerald & Co. also served as financial advisor to the Company. Houlihan Lokey served as financial advisor and Ropes & Gray LLP provided legal counsel to Genstar.

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, Maryland and Texas. For additional information on Flourish, please visit our website at https://flourishresearch.com/

About NMS Capital

Founded in 2010, NMS Capital is an experienced private equity firm managing assets in excess of $1.5 billion. Since inception, NMS has partnered with management teams in over 150 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 www.nms-capital.com. Follow NMS Capital on www.linkedin.com/company/nms-capital.

About Genstar Capital

Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high-quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $49 billion of assets under management and targets investments focused on targeted segments of the financial services, industrials, software, and healthcare industries.

Contact:
Media Contacts:
For Flourish Research
Jose Alvarez, Flourish Research
Corporaterelations@flourishresearch.com
flourishresearch.com

For Genstar
Chris Tofalli
Chris Tofalli Public Relations
914-834-4334
chris@tofallipr.com

For NMS Capital
Jonathan Spero
Principal
212-574-7014
jspero@nms-capital.com

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