PE Deals

NMS-backed Flourish Research buys Keystone Clinical Studies

Cantor Fitzgerald & Co. served as financial advisor to Flourish and NMS while Quadriga Partners served as financial advisor to Keystone.

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  • Keystone was founded in 2003 by Dr. Cherian Verghese, who will continue to lead the organization
  • The transaction marks the fifth investment and partnership for Flourish Research, which was formed last year
  • Currently, NMS manages assets in excess of $1.4 billion

NMS Capital portfolio company Flourish Research has recapitalized Plymouth Meeting, Pennsylvania-based Keystone Clinical Studies, a clinical research site focused on Alzheimer’s Disease and other conditions related to the central nervous system. No financial terms were disclosed.

Keystone was founded in 2003 by Dr. Cherian Verghese, who will continue to lead the organization. The transaction marks the fifth investment and partnership for Flourish Research, which was formed last year.

Dr. Cherian Verghese, founder and CEO of Keystone said in a statement, “Among the potential partners that we met, Flourish stood out for their vision, reputation, and operational excellence. We believe we can add significant value to the Flourish platform by enhancing their CNS capabilities and collaborating with the existing sites. I am looking forward to working with Flourish’s executive team to accelerate growth at Keystone and across the Flourish platform.”

Cantor Fitzgerald & Co. served as financial advisor to Flourish and NMS while McDermott Will & Emery provided legal advice. Quadriga Partners served as financial advisor to Keystone.

Founded in 2010, NMS Capital is an experienced private equity firm managing assets in excess of $1.4 billion.