Southern Appalachian Fund announces profitable exit
The Southern Appalacian Fund, with offices in Somerset, KY and Oak Ridge, issued the following press release regarding one of its portfolio companies.
The Southern Appalachian Fund (“SAF”) announced today another profitable exit from one of its portfolio companies, TiER1 Performance Solutions of Covington, KY. SAF initially invested in TiER1 in late 2005, and over the course of the subsequent six years, the company grew its revenue more than 600% and became profitable. At the same time, the number of people employed by the company increased from 15 to 80, with an average annual salary that is almost three times the per capita income in Kentucky. Fueled by SAF’s investment, TiER1 became a nationally recognized company and has received numerous awards, including being named to the “Inc. 5000” list of the fastest growing businesses in the U.S. five years in a row. TiER1 was also named “Best Place to Work in Cincinnati” in 2010 and 2011.
“The Southern Appalachian Fund’s exit from TiER1 is somewhat bittersweet. While our investment in TiER1 has generated an exceptional return for SAF, working with the company’s founders and management has been exciting and rewarding, and I will miss my regular interaction with that exceptional team. TiER1 is well positioned for future growth and continuing success,” said Ray Moncrief, Fund Manager of the Southern Appalachian Fund, who was a member of the TiER1 board of directors from the time of the initial investment until the date of the exit.
“For a young growing company, finding the right capital partners is essential. The Southern Appalachian Fund has been a great partner for TiER1 and has contributed significantly to our growth and success. We appreciate the guidance they’ve provided over the years,” said Greg Harmeyer, CEO and Managing Partner of TiER1.
About the Southern Appalachian Fund, L.P. – The Southern Appalachian Fund is one of six New Markets Venture Capital Companies in the United States. The $12.5M venture capital fund was formed to provide equity capital and operational assistance to qualifying businesses in southern Appalachia. The Fund focuses specifically on companies in Kentucky, Tennessee, and the Appalachian counties of Georgia, Alabama, and Mississippi. For more information, visit SAF on the web at www.southappfund.com.
About TiER1 Performance Solutions: Founded in 2002, TiER1 Performance Solutions provides end-to-end on-line learning and knowledge management solutions to large distributed organizations. Its core service offerings of Learning Solutions and Knowledge Management are supported by a suite of technologies that act as solution accelerators for clients in solving human performance challenges. Visit TiER1 on the web at www.tier1performance.com.