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September 23, 2004

River Cities Capital Funds Leads Growth Capital Investment in Horizon Resource Group

Cincinnati, OH – River Cities Capital Funds announced today an investment in Horizon Resource Group, the nation’s leading higher education group purchasing organization, headquartered in Brentwood, TN. River Cities led the round as the only institutional investor and was joined by individuals from the Nashville Capital Network. The funds will be primarily used to expand the company’s Account Management program and further facilitate cost savings for Horizon’s rapidly expanding membership.

“The progress Horizon has made over the past six months gave us the confidence that the group purchasing organization model, well established in the healthcare industry, will succeed in higher education,” said Carter McNabb, Principal at River Cities Capital Funds. “This management team is applying years of supply chain and procurement experience in healthcare to the higher education market, and the beneficiaries are its member institutions.”

Nashville Capital Network Executive Director Sid Chambless said, “Nashville Capital Network is privileged to work with Horizon Resource Group and River Cities in advancing this transaction, and all parties should be deservedly proud that Horizon provides such value for its educational members and its investors.”

Todd Abner, CEO of Horizon Resource Group, is confident about Horizon’s prospects in the higher education market and the partnership with River Cities Capital Funds. “Horizon Resource Group has been successful introducing the group purchasing concept to the higher education industry. As the company’s membership continues to grow, the partnership with River Cities Capital Funds and Nashville Capital Network will enable us to continue to provide the best service to our current member institutions and will allow us the opportunity to expand our service to other higher education entities across the country.”

About Horizon Resource Group

Horizon Resource Group is a group purchasing organization serving the higher education community. The group purchasing strategy is designed to leverage the national buying power of institutions of higher education in order to drive savings in purchasing and lower overall operating costs. Horizon Resource Group negotiates national contracts on behalf of member institutions in order to affect the lowest prices offered for higher education. All institutions, regardless of size and location, benefit from group purchasing . Horizon Resource Group member institutions have access to an expanding portfolio of contracted products and services. This portfolio covers both consumable supplies, as well as capital equipment. By becoming a member of Horizon Resource Group, institutions can experience an immediate reduction in operational costs with very little effort, and virtually no change in day-to-day practices. For more information, visit

About Nashville Capital Network

The Nashville Capital Network (“NCN”) is a collaborative initiative of Vanderbilt University, the Nashville Technology Council, Nashville Health Care Council, Nashville Area Chamber of Commerce, local investors, and local business and professional leaders. The NCN strives to promote entrepreneurial education and economic growth by becoming the hub for capital formation in middle Tennessee. For more information, contact Sid Chambless, Jr. at (615) 322-3154 or visit