M&A Deal Summary

Genstar Capital Acquires Flourish Research

On September 18, 2024, private equity firm Genstar Capital acquired healthcare services company Flourish Research from NMS Capital

Acquisition Highlights
  • This is Genstar Capital’s 4th transaction in the Healthcare Services sector.
  • This is Genstar Capital’s 101st transaction in the United States.
  • This is Genstar Capital’s 7th transaction in North Carolina.

M&A Deal Summary

Date 2024-09-18
Target Flourish Research
Sector Healthcare Services
Buyer(s) Genstar Capital
Sellers(s) NMS Capital
Deal Type Secondary Buyout
Advisor(s) Jefferies
Cantor Fitzgerald (Financial)
McDermott Will & Emery (Legal)

Target

Flourish Research

Apex, North Carolina, United States
Flourish Research is a clinical trial site network focused on performing the highest quality trials for sponsors and CROs and providing patients with an exceptional clinical experience. Flourish Research was founded in 2021 and is based in Apex, North Carolina.

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Buyer(S) 1

Buyer

Genstar Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 49.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Genstar Capital is a private equity firm that seeks investments in life science, healthcare, medical products, industrial technology, software, financial services, packaging, building materials, manufacturing, and business services companies. Genstar looks to invest between $50 and $400 million of equity capital in businesses valued up to $1 billion. Target transaction situations include control-oriented leveraged buyouts of corporate divisions, privately held businesses or public companies, minority investments in privately held businesses or public companies, ownership restructurings/recapitalizations of privately held businesses, growth equity financings, partnerships with other strategic or financial buyers, and take privates. Genstar Capital was formed in 1988 and is based in San Francisco, California.


DEAL STATS #
Overall 109 of 109
Sector (Healthcare Services) 4 of 4
Type (Secondary Buyout) 49 of 49
State (North Carolina) 7 of 7
Country (United States) 101 of 101
Year (2024) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-23 Docupace Technologies

Culver City, California, United States

Docupace Technologies provides secure and federal and state law compliant electronic processing platforms for financial institutions and the wealth management industry. It offers a web-based straight-through processing platform that helps financial services firms meet SEC/FINRA compliance requirements. Docupace Technologies is based in Culver City, California.

Buy -

Seller(S) 1

SELLER

NMS Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2010
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

New MainStream Capital is a private investment firm that specializes in strategic equity investments and leveraged buyouts. The Firm targets middle-market growth companies throughout the US. New Mainstream focuses on companies with experienced management, high operating margins, and strong cash flows. New MainStream looks to invest $25 to $75 million in companies valued up to $150 million. The Firm will consider opportunities in a variety of sectors, however the Firm has a special interest in healthcare services, consumer products/services, and specialized business services. New MainStream Capital was formed in 2010. The Firm is based in New York City with an additional office in Dallas, Texas.


DEAL STATS #
Overall 8 of 9
Sector (Healthcare Services) 4 of 4
Type (Secondary Buyout) 3 of 4
State (North Carolina) 2 of 2
Country (United States) 7 of 8
Year (2024) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-16 Vona Case Management

Daphne, Alabama, United States

Vona Case Management is a medical case management company that helps injured workers, employers and insurance adjusters navigate through the workers’ compensation process. Vona Case Management was founded in 2015 and is based in Daphne, Alabama.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-15 DirectMed Imaging

Poway, California, United States

DirectMed Imaging is a provider of medical imaging aftermarket parts, systems, and field service solutions. DirectMed Imaging was founded in 2011 and is based in Poway, California.

Sell -