Cassel Salpeter & Co. Serves As Financial Advisor in Sale of Central Research Associates to Flourish Research Holdings LLC

Miami Investment Bank Assists in Birmingham, Alabama, Clinical Trial Research Firm’s Acquisition   

MIAMI – May 25 2023 – Cassel Salpeter & Co., an independent investment banking firm that provides advisory services to middle market and emerging growth companies in the United States and worldwide, today announced that it has successfully advised Central Research Associates Inc. (“CRA”), a leading, multispecialty clinical research site that offers clinical trial opportunities to patients in Birmingham, Alabama, and the surrounding areas, in its sale to Flourish Research Holdings LLC (“Flourish Research”), a clinical trial site network with locations throughout the United States, backed by NMS Capital.

CRA was founded by Dr. William Whitley in 2016 as a research site for conducting Phase II-IV clinical trials across various therapeutic areas. The site is located on the campus of St. Vincent’s Hospital in Birmingham, Alabama. CRA has grown consistently since its inception and is a leading national enroller in vaccine studies.  

“It was a pleasure working with Dr. Bill Whitley and his team on this transaction,” said Cassel Salpeter Managing Director Ira Z. Leiderman, who led the process in identifying a strategic buyer, negotiating the transaction, and assisting throughout the diligence and closing processes. “Bill built a strong organization that I am certain will be quite additive to Flourish Research,” added Leiderman.  

“The Cassel Salpeter team was fantastic to work with,” said CRA Founder Dr. Whitley. “They were able to introduce us to the right party in Flourish Research and efficiently facilitate the deal. We are very grateful for their diligent work.”

Cassel Salpeter Associate Tahz Rashid assisted with the transaction. The legal counsel to CRA was Jason McDonald of Greenberg Traurig, P.A.