Flourish Expands with ENCORE™ Acquisition
NMS Capital Portfolio Company Flourish Research Announces Partnership with
ENCORE™ Research Group
New York, NY, June 25, 2024 – NMS Capital (“NMS”) portfolio company Flourish Research (“Flourish”)
announced today that it has partnered with ENCORE™ Research Group (“ENCORE” or the “Company”).
ENCORE™ is a leading clinical research organization with eight locations across Northern Florida. With
100+ investigators, ENCORE™ brings expertise across multiple therapeutic areas including cardiology,
metabolic, neuroscience, gastroenterology, orthopedics, autoimmune, pediatrics, early phase and
infectious disease. The partnership with ENCORE™ represents the eleventh addition to Flourish since its
formation in 2021 and will complement the Flourish platform through additional scale, a depth of
therapeutic experience, as well as key talent. Terms of the transaction were not disclosed.
In 1997, Dr. Michael Koren founded ENCORE™ and, subsequently, has scaled the organization
significantly, building an extensive physician network in Northern Florida that provides a differentiated
approach to clinical research. Since its inception, ENCORE™ has conducted 3,200+ clinical trials across
50+ therapeutic areas. Dr. Koren is a practicing cardiologist, a fellow of the American College of
Cardiology, two-time past President of the Academy of Physicians in Clinical Research, and President of
the regional chapter of the American Heart Association. As a thought leader, Dr. Koren has published
dozens of peer-reviewed manuscripts in the highest impact journals, including Journal of the American
College of Cardiology, Circulation, New England Journal of Medicine, and The Lancet. He holds US Patents
(one pending) related to improving the clinical research process. He started and serves as the Executive
Editor for MedEvidence!™, an educational platform for patients and physicians which houses resources
for study recruitment and physician training (medevidence.com).
Dr. Koren, Founder and CEO of ENCORE™, said, “We have been very impressed during our interactions
with the Flourish team and feel confident that we’ve found the right partner for our next phase of growth.
Our staff and extensive network of physician investigators have expressed enthusiasm about our future
with Flourish, working together to provide the best clinical trial services as part of a national company.”
Reinhold Schulz, CEO of Flourish Research, noted, “We are excited to welcome ENCORE™ to the Flourish
family. I’ve gotten to know Dr. Koren and his key lieutenants very well and the cultural fit was evident
from our initial meetings. ENCORE™ brings expertise that will be additive to Flourish and has a robust
backlog and pipeline of studies that will bring immediate value to the combined organization.”
Luis Gonzalez, Senior Partner at NMS Capital, noted “The partnership with ENCORE™ further enhances
Flourish’s geographic footprint and capabilities in its core therapeutic areas while bringing a deep bench
of scientific thought leaders. The transformative partnership will provide ENCORE™ the opportunity to
leverage the significant infrastructure investment Flourish has made in its differentiated patient
recruitment, commercial, and diversity strategy. This approach will result in a win-win for our patients,
employees, and biopharma customers”
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.
For further information:
Jonathan Spero
Principal
(212) 574-7014
jspero@nms-capital.com